The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Solomon’s Mines’ owner yesterday denied it was currently seeking to sell the luxury goods retailer to Diamonds International or any other suitor, saying it would let the new management team “do their thing”.

Mark Finlayson, whose family owns the five-store chain, told Tribune Business that while exploratory talks had been held with its rival, they had taken place several years ago and “didn’t go far”.

“We had spoken to them a few years ago. It was one of those things that never worked out,” Mr Finlayson said.

“It was years and years ago, and we really didn’t go far with them. There’s always a rumour that Diamonds International is buying everyone on Bay Street. Once there was a rumour Diamonds International was buying John Bull. We didn’t pay it [reports Solomon’s Mines was for sale] any mind.”

Mr Finlayson categorically denied that his family was still entertaining potential buyers or suitors for Solomon’s Mines, which like many businesses has been hit hard by the recession, and shrunk its retail store numbers considerably since being acquired by the present ownership in 2004-2005.

“Not now,” he replied, when asked if Solomon’s Mines was still on the market. “We’re going to give the new management team an opportunity to do their thing.”

Solomon’s Mines had hired a consultant on the buying side who was “trying to put everything back on course” at the luxury goods chain, which has three remaining stores on Paradise Island, one on Bay Street and another in Palmdale.

“There is a pretty good team there, and they are all working together,” Mr Finlayson told Tribune Business. “The recession has taken its toll, but we’re staying afloat and doing OK.”

The Finlayson family acquired Solomon’s Mines, previously a division of Solomon Brothers, from that group and its principal, Martin Solomon.