Mayor's Unveils Restructuring Plans
Thursday, May 2 2002
Published on AllBusiness.com
SUNRISE, Fla.-Mayor's Jewelers Inc. reported that fourth quarter same-store sales fell 21 percent to $51.8 million from $65.5 million a year earlier. Total sales for the quarter fell 15.9 percent to $58.4 million from $69.4 million.
Mayor's officials said they have begun a restructuring plan aimed at returning the company to profitability. The plan includes an infusion of new debt and equity, refinancing of current bank debt, the closing of 13 unprofitable and underperforming stores and the liquidation of certain non-performing assets. As of Wednesday, the company operates 40 retail stores. Eleven of the stores targeted for closing are located outside the company's core Florida and Georgia marketplace, where Mayor's enjoys brand loyalty not found in other states.
Mayor's officials said they have begun a restructuring plan aimed at returning the company to profitability. The plan includes an infusion of new debt and equity, refinancing of current bank debt, the closing of 13 unprofitable and underperforming stores and the liquidation of certain non-performing assets. As of Wednesday, the company operates 40 retail stores. Eleven of the stores targeted for closing are located outside the company's core Florida and Georgia marketplace, where Mayor's enjoys brand loyalty not found in other states.