National Jeweler reported Thursday that unsecured creditors of bankrupt multichannel retailer Gems TV (USA) Ltd. will likely receive a highly favorable recovery that would reimburse them some 95 cents on the dollar or more. Chris Ellis, President and Managing Member of Consensus Advisors, which is handling the transaction, said that Gems TV Holdings Ltd. (the defunct network’s parent company) was extremely cooperative in ensuring third-party creditors were not harmed. The plan is awaiting court approval. National Jeweler Jun. 10, 2010
Unsecured Gems TV Creditors to Receive Whopping 95 Cents on the Dollar
Distribution Channel, DRTV Retailer, Investors
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Jun 112010
Gems TV to Sell its UK Business
DRTV Retailer, UK/Europe
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May 142010
Gems TV said yesterday that it has reached an agreement to sell its entire stake in its British business to The Colourful Company Group Limited (CGL) for £3 million in cash. CGL is a Britain-based, family-owned jeweller that sells primarily on the web. Channel News Asia (Singapore) Apr. 13, 2010
Apr 052010
Gems TV (USA) Ltd. has filed for Chapter 11 bankruptcy protection, a month after the company announced it was ceasing operations while its parent company looked to acquire an ownership stake in rival Jewelry Television. In addition to the difficult economic environment, the company cited a steep rise in the price of gold, which it was unable to pass on to customers. Seventeen of the company’s largest unsecured creditors are jewelry manufacturers. National Jeweler Reuters Apr. 5, 2010
Jun 092009
In hopes of drawing new viewers, Gems TV (UK) plans to strike design deals with, just-out-of-college, UK jewelry designers, and also expand its non-jewelry offerings, such as giftware and collectables, according to operations director Vanessa Gillgrass. Retail Jeweler (UK) June 8, 2009
Feb 182009
ZaleMark Holding Company Inc. has announced that several of its jewelry brands will be sold on Gems TV. The two companies, in addiition, have agreed to “co-design and co-develop specific celebrity endorsed brands.” ZaleMark Holdings Press Release on MSNBC.com Feb. 17, 2009
