Mayor's Jewelers MYR
April 12, 2001 - 4:46pm EST by
2001 2002
Price: 3.75 EPS
Shares Out. (in M): 0 P/E
Market Cap (in $M): 0 P/FCF
Net Debt (in $M): 0 EBIT 0 0

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Mayor's "MYR" is the former Jan Bell. Early this year they successfully
liquidated the original Jan Bell business and recieved about $50
million cash.

Today, the company has a tangible book value per share of about $6.50 per
share, has a low debt to equity level, and will have about $200 million
of revenues this year vs. an enterprise value of $114 million. They are
now a pureplay high end retailer of jewelry through 34 stores located
throughout the United States.

Catalyst: The stock trades for 57% of tangible book value, Phil Goldstein
from Opportunity Partners has filed a proxy to get three new board members
on the board who are commited to selling the company. There will be an
annual meeting sometime this summer. Steel Partners II holds 11%, Eli Ben
Shmuel holds 10%, Alan Lipton (a founder)holds 4%, Franklin Advisory
holds about 6%, and there are several other "value" groups that hold
a large amount of the stock. Potential buyers include Sterling Jewelers,
Zale, Berkshire Hathaway and possibly Tiffany. The jewelry industry has
been consolidating over the last 5 years.

Recently, Mayor's has hired TM Capital to "explore new strategies for
maximizing our strengths and enhancing our value".

I believe fair value is $6.50-8.00 per share.

Most recent earnings release:


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