G. Thrapp Jewelers
Indianapolis, Indiana
RETIREMENT & GOING OUT OF BUSINESS EVENT
Gary Thrapp, a first generation jeweler, had been in business for 31 years in Indianapolis, Indiana. He was quite visible in the community and even hand-designed and created the Indy 500 Festival Queens Crown in 1999. Made of mother of pearl and black onyx gemstones, it is unique in both design and use of gem materials. According to long-time associate Dana Friedman, “Gary Thrapp is very big on tradition and in actively helping the community in everything that goes on in Indianapolis.”
Despite the fact that his last year was the best in company history, Gary felt it was time to retire. In his words, “If the next 10 years go as fast as the last 10 years, it’s time to slow down and enjoy life a little more.”
The Gordon Company Assignment:
• Conduct a retirement/going out of business sale while accomplishing the client’s arduous goals
Gary was 66 years old with no heir to take over the business. He wasn’t comfortable selling his brand name to someone else, and it was much more likely that he would realize a bigger and more immediate financial gain by selling his inventory and allowing the community at large to benefit from the superior value he could offer his clientele. An added benefit was that Dana Friedman would be able to open her own boutique in a smaller area of the store soon after the sale.
Why The Gordon Company?
Gary was quite familiar with The Gordon Company and its President, Ira Bergman, but he did his homework. Checking with past Gordon Company clients and reviewing the strong references he received made his choice easy. Gary also had a quality store with superior merchandise, a great brand image, loyal customers, and a terrific reputation in the area. He wanted to make sure that the type of augmented inventory brought in to aid in the sale would fit with his top-notch store.
Since The Gordon Company doesn’t own any of its own merchandise, management can fit the right brands with the right store to generate maximum return for the owner.
The Sales Results Were Outstanding:
• Overall sales during the nine-week event yielded revenue nearly 4 times more than the same holiday period last year
• Sales projected by The Gordon Company for the nine week duration were $4.3 million. Actual sales totaled $5.325 million, a windfall of more than a million dollars
• The revenue generated during the 62-day event alone was approximately 1.35 times higher than the entire previous year’s sales revenue
• Over 90% of G. Thrapp’s inventory was sold and at terrific gross margins throughout the sale
According to Gary Thrapp, “I knew I could trust The Gordon Company to bring me the maximum financial return and to conduct the sale with the quality and dignity that were important to me. They did a great job and I can’t recommend them more highly.”
