Gems TV just filed for Chapter 11 bankruptcy protection. Apparently, Gems TV has always struggled to be profitable and the recession coupled with the skyocketing price of gold just sent them straight down the tubes.
Last month Gems TV announced that they will be shutting down their U.S. operations. But it's not as simple as turning off the cameras and just hanging an "Out of Business" sign on the door. Their Cayman Islands-based parent company, which is traded on the Singapore Stock Exchange, also put in a bid to buy a big stake in their U.S. rival Jewelry Television.Compose
And, according to the Wall Street Journal, even though Gems TV reported that they have about $51 million in assets and $120 million in liabilities and the bankruptcy will be leaving many of their creditors high and dry, the bankruptcy doesn't do anything to hinder their bid for JTV.
On top of all that, after Gems TV notified their satellite providers that they would no longer be broadcasting, DirecTV filed a $25 million lawsuit against Gems TV for an allegedly breaching their affiliation agreement. According to the National Jewelry Network, DirecTV "sought a preliminary injunction to prevent Gems TV from transferring or disposing of any of its assets outside the ordinary course of winding down the business. A hearing in that case was scheduled to take place April 19, but was stayed by the commencement of the Chapter 11 filing."
Honestly, I'm still trying to get a handle on exactly how this whole Gems TV shutting down U.S. operations and buying a big chunk of Jewelry Television thing will shake out. Will some of the Gems TV hosts be going to JTV? If so, will Karen Connelly and Skip Connelly be reunited? What will JTV do with this big infusion of cash? Will JTV go to the horrible "reverse auction" selling method?
Timeline:
March 2 - Gems TV announced that they were ceasing their U.S. operations
March 8 - Employees were notified that they would have their jobs until May 6
March 8 - Satellite television providers were notified that Gems TV would no longer broadcast after
April 5 - Gems TV files for bankruptcy
April 15 - Gems TV will stop broadcasting
May 6 - Last day of employment for Gems TV employees
Posts
Does this mean JTV will finally sell decent stones? They sell the worst stones I've ever seen- diamonds are dull, grey, very poor quality. And how much fake "red labradorite" did they hype and never make amends?
ReplyDeleteAnyone who knows anything about gemstones stays far, far away from JTV.
I really liked Gemstv. Yes, it was hokey to do the reverse auction, but you know what? Their jewelry styles were tons better than anything out there. They strived for great variety from real traditional to more modern styles. And more than that, the quality of the diamonds they used puts the other shopping channels (and even mall type jewelry stores) to shame. I call those included, grey, murky diamonds "kitty litter" diamonds or "frozen spit" diamonds. So I will miss checking out their channel and seeing some pretty jewelry that looks of good to excellent quality. Prices weren't too bad either for a tv shopping channel.
ReplyDeleteThe few I things I bought through GemsTV were great. Thought the format was a hoot - became a big fan of Karen's too. RIP GemsTV
ReplyDeleteI have been a fan of GemsTV since they went on the air. Ive been a big fan and bought many pieces for myself and as gifts. I've tried to compare their products and prices to those in the brick and mortar stores. Their prices were incomparable - even comparing GTVs natural stones to another jeweler's lab created ones (that were often not disclosed unless inquired). I will miss not only the jewelry, but they had the best hosts in the business, bar none.
ReplyDeleteSo sorry to see GEMS TV go dark. All of the items I purchased from them over the years were a great value for what I paid, compared to other shopping channels. The hosts were genuine and fun to watch. I hope to see their hosts on other channels in the future.
ReplyDeletePlease keep us posted where we might see the hosts from gemstv.
ReplyDeleteLoved them. Miss the.
San Diego
Oh my god,I cannot believe gemstv is off the air. I bought so much beautiful jewelery from them and because of them I learned so much about gems stones. I literally cried when it went off the air, I know that sounds crazy but the entire staff was wonderful, they had become part of my family and I will miss them dearly. New york
ReplyDeleteI had stopped watching when I switched cable providers they didn't carry them. So I went on line but due to $ I had to stop watching and couldn't look at my emails as they were tempting. So tonight when checking my emails saw an email that said final sales etc. I was so confused. I can't believe they went into chapter 11 while these other shows are still on. How can this be? I have always been happy with my purchases. This is sad and I hope they come back. When i could splurge on myself or others this is where I went. Bring GemsTV back.
ReplyDeletesaw Skip Connolly on JTV
ReplyDeletefound Charla Rines, she is on an Australia shopping channel
ReplyDeleteI purchased some beautiful quality jewelry from GEmsTV over the last 2 years. I remember the first time I came across the GTV station and I was extremely skeptical about the jewelry being offered. But I gradually ordered bigger items as I saw the quality of the small items I "started with". I have appraisals on 2 of my GTV items, including a yellow diamong ring, that are much higher than what I paid. I'll miss this show and their gems.
ReplyDeleteKaren Connelly is a wonderful jewelry designer. She designed a ring call the "secret garden". It's the prettiest ring I ever saw in my life time. I attend alot of jewelry shows all around the world. I am also a jewelry connoisseur and in my honest opinion, Karen Connelly is a gr8 designer!!!
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