New Zealand jewelry retailer Michael Hill International said Friday it will buy 17 Whitehall Jewelers stores, mainly in the Chicago area , for about $5 million, marking the company’s first entry in the U.S.
"Michael Hill International views this as a strategic acquisition to test its retail model in the highly competitive U.S. market," chairman Michael Hill said in a statement.
Michael Hill, with 210 stores in New Zealand, Australia and Canada, does not expect return a profit from these stores for several years, saying it would concentrate on adapting its retail formula for future growth from the base of former Whitehall stores. Two of the stores are in St. Louis.
Whitehall Jewellers Inc. filed for bankruptcy protection June 23. Earlier this month, the 373-store chain said it would liquidate jewelry worth $750 million at below-market rates during the holidays after it failed to secure new financing or sell the company.
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