Thursday, May 13, 2010

Gems TV selling Brit unit for 3 million pounds

Via Channel News Asia

SINGAPORE: Mainboard-listed dedicated TV home shopping jewellery retailer Gems TV said today that it is selling its British unit for 3 million pounds in cash.

Gems TV says it has reached an agreement to sell its entire stake in the British business to The Colourful Company Group Limited (CGL).

CGL is a Britain-based family-owned jeweller that sells handcrafted gemstone jewellery primarily via its Internet site.

Gems TV says it is selling the unit to allow it to exit a market which has become highly competitive and suffering from general economic challenges.

It says it has seen three new competitors dedicated to selling jewellery via reverse auction on TV since it commenced its business in Britain.

Gems TV adds that if the sale does not proceed it will likely have to shut down its British business operations and liquidate its assets.

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