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Samuels Jewelers in acquisition discussions

12/6/2006 2:23:28 AM

Austin, Texas��Samuels Jewelers has entered into discussions with a Diamond Trading Co. sightholder based in India for the sightholder to purchase a majority ownership of the retailer.

"Samuels is very excited about this opportunity to develop a long-standing relationship with a DTC sightholder as both a shareholder and vendor partner," Samuels President and Chief Executive Officer Randy McCullough said in a statement. "This transaction will enable Samuels to recapitalize its balance sheet, improve its inventory selection and have a firmer foundation for future growth."

DDJ Capital Management, current majority shareholder of Samuels Jewelers, did not publicly disclose terms of the proposed transaction or provide any further details about the sightholder.

"We believe Samuels is an ideal candidate to complement a sightholder's strengths in manufacturing of diamonds and jewelry products," Samuels Chairman David Barr said in a statement.

Samuels operates 97 retail jewelry stores in 18 states under the names Samuels, Schubach and Samuels Diamonds. The retailer had an estimated $100,000,000 in U.S. retail jewelry and watch sales in 2005.

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