Martin Ross Group is liquidating its assets after failing to find a buyer.
The news comes almost three months after the company sought protection from creditors while it restructured its business.
Documents filed with the Ontario Superior Court of Justice show an order was granted on Sept. 11 approving the sale of what was one of Canada’s last remaining jewellery manufacturers. The sale process ended on Sept. 30 with only one non-material offer made to purchase a particular product line.
“The applicant, in consultation with the monitor, has determined that a liquidation of all the applicant’s assets, excluding its accounts receivables, is the best way to realize value for its stakeholders,” the documents read.
Silverman Chapman & Reese Consulting has been appointed to liquidate Martin Ross’s finished goods inventory, which sources tell Jewellery Business has already begun at the company’s facilities in north Toronto.
Some of the finished goods will also be sold on consignment at other liquidation sales conducted by Silverman Chapman & Reese. Surplus finished inventory will be made available for purchase by wholesalers and retailers.
