Maharaja's Loses Beachfront Store as Oil-Wary Tourists Avoid the Gulf

--Florida Jeweler's Panama City Flagship to Stay Open; Buxbaum Group Conducts Consolidation Sale

Aug 23, 2010, 13:51 ET from Buxbaum Jewelry Advisors

PANAMA CITY BEACH, Fla., Aug. 23 /PRNewswire/ -- Untouched by the BP oil disaster, the white sands and turquoise waters of Panama City Beach remain as alluring as ever. Unfortunately for local businesses, however, Gulf Coast tourism has all but collapsed amid months of alarming press coverage of the spill. The latest casualty is fine jeweler Maharaja's nearly four-year-old beachfront store on Hutchison Boulevard.

With the help of Buxbaum Jewelry Advisors, Maharaja's will liquidate the Panama City Beach location's entire inventory—including fine diamonds, bridal jewelry, watches, fashion and tailored pieces, giftware and much more—in a consolidation sale that opens to the public on Aug. 23. "As a result of the BP disaster, our tourist season has been off by 30% to 40% so far this year, and the situation shows no signs of improving," noted Manu Samtani, who founded the well-known, family-owned business in 1977. "In a strategic move that will enable us to better serve our many loyal friends and customers, we are consolidating our operations to focus on our successful flagship store in Panama City."

Conducted by a team of jewelry-industry veterans from Agoura Hills, Calif.-based Buxbaum Jewelry Advisors, the sale is being held at both stores: The Village of Grand Panama, 11525 Hutchison Blvd., Panama City Beach, and Maharaja's 6,000-sq.-ft. flagship location in The Coronado Village Shopping Plaza at 105 West 23rd St., Panama City.

"Jewelry aficionados and casual collectors alike will find discounts ranging from 20%- to 80% -off on fine pieces in a variety of price points," noted Michael Lebowitz, Vice President of Buxbaum Jewelry Advisors. "Moreover, Mr. Samtani has spent decades building relationships with a host of prestigious brands and designers, including the likes of Calgaro Jewelry, David Yurman, Swarovski, Waterford, John Hardy, Raymond Weil, TAG Heuer and Mikimoto, to name just a few. For the hundreds of local and out-of-town customers who have gotten to know Mr. Samtani so well over the years, this sale represents an excellent buying opportunity."

About Buxbaum Jewelry Advisors/Buxbaum Group

Buxbaum Jewelry Advisors has assembled a team of jewelry professionals that have provided wholesale and retail jewelers with financial solutions for more than 20 years. It offers a wide range of services and can meet the needs of both profitable and financially distressed jewelry retailers and wholesalers. It is an affiliate of Agoura Hills, Calif.-based Buxbaum Group, which has built its reputation for more than 30 years as one of the leading liquidators of consumer products and appraisers of retail and wholesale inventories across North America, as well as a prominent distressed-debt advisory services investing firm.

SOURCE Buxbaum Jewelry Advisors