Samuels Jewelers Inc. Announces The Acquisition of Silverman's Jewelers Inc
AUSTIN, Texas--(BUSINESS WIRE)--July 23, 1999--Samuels Jewelers Inc. (OTC BB:SMJW) ("Samuels") said today that it has entered an agreement to acquire the lease rights, tenant improvements and stores fixtures of Silverman's Jewelers Inc.
Silverman's, from El Paso, Texas, is a chain of 17 stores operating in nine states. Silverman's recently announced that it was conducting an inventory liquidation sale in its stores.
From 1991 until April 1997, Silverman's president and chief executive officer was Randy McCullough, who then became president and chief executive officer of Samuels Jewelers.
Samuels Jewelers has agreed to issue 60,000 shares of its common stock to assume the leases, fixtures and other assets related to Silverman's retail jewelry operations, including trade names and customer lists.
Samuels Jewelers will not be acquiring the manufacturing assets of Silverman's nor will it assume liabilities other than those arising from the lease rights. The purchase is expected to close upon completion of the inventory liquidation sales.
In announcing the acquisition, McCullough, stated that, "This is an extremely exciting opportunity for Samuels Jewelers. It is also an exciting reunion for me personally. I know most of the showroom managers and associates very well and know that they will be a tremendous addition to the quality of associates we have here at Samuels Jewelers. It is a rare opportunity to make an acquisition of this size and not have to worry about how the cultures will mesh. We have the same values of superior customer service and delivering tremendous value to our customers.
"At Samuels Jewelers we have developed marketing and merchandising programs that will allow for a more efficient delivery of that value to Silverman's customers. Today's announcement allows us to combine Silverman's base of loyal customers and dedicated associates with the tremendous tradition of Samuels Jewelers."
Samuels Jewelers Inc. sells fine jewelry and watches in approximately 135 stores in 21 states (after giving affect to the Silverman's acquisition) under the trade names Samuels, Silverman's, Schubach, Hatfield Jewelers, A. Hirsh & Son, Wayne Jewelers and Silversmiths and Mission Jewelers. |
