Mayors Jewelers

Division: Phoenix Management Services


Client

Mayors Jewelers Inc. was a $150 million retail jewelry store chain operating in locations throughout the U.S.

Problem

Mayors Jewelers encountered difficulty when rapid growth outside of its core South Florida market stretched its resources and capabilities. Management invested heavily in new stores far outside the Company’s core market and without the benefit of the critical Rolex line. This ultimately resulted in poor merchandising in its older established stores and losses in the expansion stores. The chain was losing money and a cash liquidity crisis was looming.

Solution

Phoenix Management Services was engaged to perform an operational assessment of the Company that included an analysis of the performance of all of the Company’s locations. Phoenix developed and assisted with the implementation of a restructuring plan that eliminated all of the expansion stores and returned Mayors to positive performance in its core South Florida market. Importantly, this was done without the need for a bankruptcy filing and enabled Mayors to preserve all of its critical vendor relationships.