New York, NY (PRWEB) February 10, 2009
SimplexDiam, Inc. announced today acquisitions of over $25,000,000 at retail in the month of January alone, $15,000,000 of which was from Whitehall's bankruptcy sale.
After winning Friedman's residual jewelry liquidation inventory, Simplex has purchased large amounts of closeout and liquidation inventory at other major retailers. Says Chairman & CEO Yogesh Madhvani, "We're entering a period in which liquidating closeout inventory is essential. We help companies and banks monetize their closeout inventory with the utmost discretion. This gives us a unique advantage. Unless it's public record, we simply do not name names."
Only weeks into Barack Obama's presidency, it is clear that hope alone will not drag us out of this difficulty. All arrows point to a deeper struggle, more bankruptcies, a weakening retail environment, and far more downside in the real estate markets. Banks will have to clamp down. Exponentially greater closeout jewelry inventory is going to be available each month as they take control of inventories of clients in technical default.
Simplex's work on the LID 363 sale positioned them as a key player in this part of the liquidation process. Their assistance contributed to a significantly higher recovery for the banks than other liquidations of fine jewelry in recent history. Chris Ellis, the President of Consensus Advisers LLC & CRO in the LID Bankruptcy noted, "SimplexDiam played a number of significant roles during the valuation phase and eventual auction of the $70 million of LID inventory. Their efforts contributed to a greater than expected recovery from the sale of the inventory. We value SimplexDiam's input and would readily work again with such an industrious team."
Even with consistent growth, SimplexDiam is exploring a new business. Their services and consulting division is now providing event sales support and running GOB sales for its customers to liquidate closeout inventory. They have brought on strong supervisors and industry veterans to manage these sales. Says Vice President Shail Madhvani: "Even strong companies need to closeout stores. It is our responsibility to maximize their asset recovery. We sell down their poorly performing assets and only supplement when it is absolutely necessary. This is less profitable for us but we'll readily trade profit to maintain our integrity."
Yogesh Madhvani has been an entrepreneur for over 33 years, founding and running companies in markets as diverse as textiles and diamonds. Madhvani was a founding director of the Indian Diamond & Colorstone Association (IDCA) and a founding member of the Indo Argyle Diamond Council (IADC). He is a member of many other trade bodies such as the Jewelers Vigilance Committee (JVC), the Jewelers Board of Trade (JBT), and the American Gem Trade Association (AGTA). He is also a donor to numerous charitable organizations.
For more information on this SimplexDiam Press Release , or to request a confidential appointment, please call (212) 883-0888 Ext 1004, or email Neel Madhvani: sales (at) simplexdiam (dot) com
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