To flesh out the shocking news that Collectors Universe is exiting the jewelry business, I just spoke with an employee of AGL who said it is shutting down.
“The first order of business is to make sure everyone gets their goods back,” he said. “That’s priority number one. Clients should not be concerned.”
GCAL will be re-acquired by the Palmieri Group, Don Palmieri just told me. (Here is the official announcement.)
According to its latest statement, Collectors Universe’s jewelry division’s revenues in the second quarter were down 25% and it was still posting a loss; even so, it’s pretty unexpected that Collectors Universe would pull the plug on this division, after having literally spent millions on acquiring the labs and on marketing.
More details as they become available …
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