SAVANNAH, Georgia – March 10, 2005 – A federal bankruptcy judge signed an order today authorizing Friedman’s Jewelers’ plan to close 161 stores in 17 states. The order authorizes Friedman’s retention of a joint venture including SB Capital Group to manage the process through store closing events to achieve the maximum recovery.
The closing stores are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Ohio, Oklahoma, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Friedman’s Jewelers filed a voluntary Chapter 11 petition for reorganization in the United States Bankruptcy Court for the Southern District of Georgia on January 15, 2005. The company sited disappointing sales results, a high debt structure, explosive growth, and pending litigation as factors that limited its ability to secure alternate financing sources and led to the Chapter 11 filing.
Founded in 1920, Friedman’s Inc. is a leading specialty jewelry retailer based in Savannah, Georgia. Friedman’s offers a broad array of quality merchandise at competitive prices and is the leading operator of fine jewelry stores located in power strip centers and regional malls.