The number of North American jewelry businesses that closed in the third quarter increased by nearly 12% compared with the same period last year, according to the latest statistics from the Jewelers Board of Trade (JBT).
The Providence, R.I.–based credit rating group said 179 businesses in the U.S. and Canada experienced a discontinuance—defined by JBT as ceasing operations, filing for bankruptcy, or merging or getting acquired by another company—from July through September this year. There were 160 discontinuances during that period in 2022.
Of the 2023 third-quarter discontinuances, 146 were retailers, 21 wholesalers, and 12 manufacturers. All but eight of the businesses were in the United States.
JBT added 96 new businesses to its database during the third quarter, down from the 108 it logged the year before. The new additions—all except six in the U.S.—comprised 73 retailers, 17 wholesalers, and six manufacturers.
Overall, the JBT listed 24,610 jewelry businesses, a 2.5 percent decline from the prior year’s third quarter. That database includes 18,638 retailers (17,669 of which are in the United States); 3,595 wholesalers (U.S. number: 3,379); and 2,377 manufacturers (2,253 in U.S.).
(Photo: Getty Images)
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