Going-Out-Of-Business Sales Begin At All Ben Moss Jewellers Stores Saturday, July 30th

GORDON BROTHERS GROUP, ULC & HILCO GLOBAL TO MANAGE TOTAL INVENTORY LIQUIDATION

BOSTON, July 29, 2016 /CNW/ -- Gordon Brothers Group (through its Canadian division, Gordon Brothers Canada), ULC and Hilco Global (through its Canadian division, Merchant Retail Solutions) announced today that going-out-of-business sales will begin Saturday, July 30th at all 54 Ben Moss Jewellers Western Canada Ltd. ("Ben Moss") locations.  The joint venture partners were the successful bidder at an auction that was conducted by Alvarez & Marsal Canada Inc. ("A&M"), the court-appointed monitor of Ben Moss pursuant to its proceedings under the Companies' Creditors Arrangement Act ("CCAA").  Accordingly, as approved by an order of the Ontario Superior Court of Justice (Commercial List), the joint venture partners have entered into an agency agreement with Ben Moss to undertake the store closing process under the supervision of A&M.  Sales will offer storewide discounts of up to 40% on all merchandise, including the entire stock of fine jewelry in gold and silver as well as premier Canadian diamond collections. Ben Moss sells mid to high priced jewelry through retail stores across the country.

Winnipeg-based Ben Moss has been Canadian owned and operated since 1910. Hit by a weak Canadian dollar and the soft economy in Western Canada, Ben Moss obtained court protection under the CCAA several months ago.  Working with A&M, as part of its turnaround efforts, Ben Moss hired Gordon Brothers Canada to manage closing sales at 11 of their underperforming stores in May.

"After considering all of our restructuring options, including selling all or part of the business as a going concern, we have determined that this is the best course based on the challenges we are facing," said Naveed Manzoor of FAAN Advisors Group Inc., Chief Restructuring Officer of Ben Moss. 

A representative of the joint venture said, "We encourage all to take advantage of the incredible savings on the entire inventory, including, exclusive designs in diamond rings, engagement rings, anniversary rings, wedding bands, necklaces, bracelets, earrings and men's jewelry. This stunning selection of diamonds, gemstones, gold and silver is not to be missed! Customers should shop early to enjoy the best selections at up to 40% savings."

Store fixtures, furniture and equipment will also be available for sale at a later date.  

Editors, please reference store list:                                  

STORE			CITY		PROVINCE
Shoppers Mall			Brandon		MB
Polo Park Shopping Centre			Winnipeg		MB
St. Vital Centre			Winnipeg		MB
Garden City Shopping Centre			Winnipeg		MB
Kildonan Place			Winnipeg		MB
Peter Pond Shopping Centre			Fort McMurray		AB
Prairie Mall			Grande Prairie		AB
Medicine Hat Mall			Medicine Hat		AB
Bower Place			Red Deer		AB
Parkland Mall			Red Deer		AB
Londonderry Mall			Edmonton		AB
Kingsway Mall			Edmonton		AB
Sherwood Park			Sherwood Park		AB
West Edmonton Mall			Edmonton		AB
Southgate Centre			Edmonton		AB
Park Place			Lethbridge		AB
Lloyd Mall			Lloydminister		AB
Sunridge Mall			Calgary		AB
Chinook Centre			Calgary		AB
Southcentre  Mall			Calgary		AB
Market Mall			Calgary		AB
CrossIron Mills			Rocky View		AB
Woodgrove Centre			Nanaimo		BC
Orchard Park Shopping Centre			Kelowna		BC
Sevenoaks Shopping Centre			Abbotsford		BC
Mayfair Shopping Centre			Victoria		BC
Metropolis at Metrotown			Burnaby		BC
Coquitlam Centre			Coquitlam		BC
Guildford Town Centre			Surrey		BC
Willowbrook Shopping Centre			Langley		BC
Southland Mall			Regina		SK
Northgate Mall			Regina		SK
Circle & Eighth			Saskatoon		SK
Midtown Plaza			Saskatoon		SK
Carlingwood Mall			Ottawa		ON
Intercity Shopping Centre			Thunder Bay		ON
New Sudbury Centre			Sudbury		ON
Quinte Mall			Belleville		ON
Oshawa Centre			Oshawa		ON
Mapleview Shopping Centre			Burlington		ON
Cataraqui Town Centre			Kingston		ON
Pickering Town Centre			Pickering		ON
Masonville Place			London		ON
Erin Mills Town Centre			Mississauga		ON
White Oaks			London		ON
Pen Centre			St. Catharines		ON
Devonshire Mall			Windsor		ON
Lambton Mall			Sarnia		ON
Fairview Mall			Toronto		ON
Scarborough Town Centre			Scarborough		ON
Square One Shopping Centre			Mississauga		ON
Vaughan Mills Shopping Centre			Vaughan		ON
Cookstown			Cookstown		ON
Mic Mac Mall			Dartmouth		NS

About Gordon Brothers Group

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods.  Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.  As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).  

About Hilco Global

Merchant Retail Solutions is part of Northbrook, Illinois based Hilco Global, one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.  Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory and operational consulting and strategic capital equity investments.  For more information please visit: (www.hilcoglobal.com).

SOURCE Gordon Brothers Group

Media Contacts: Elizabeth Sarhaddi-Blue, Managing Director, Retail Marketing & Business Development, Gordon Brothers Group, Retail Division, [phone], [email protected], or Gary Epstein, Chief Marketing Officer, Hilco Global, [phone], [email protected], http://www.gordonbrothers.com