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Selling American Companies, Piece-By-Piece

Published 07/06/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

The U.S. is in danger of losing yet another company. Whitehall Jewelers – an American retailer – is planning to sell its company abroad to Gitanjali – an Indian company – for an estimated $93 million.

Gitanjali has been slowly buying-up American retail jewelers – acquiring Samuels Jewelers in December – and owns 373 American stores.

American firms need to start setting a precedent by refusing to be bought-out by the highest bidder. Once a company sells abroad, it is next to impossible for that company to re-enter the American market and compete for profits, technology and jobs. This cripples America’s ability to compete and remain a strong sovereign nation.


Source Diamonds.net News:

Gitanjali Gems is planning to buy United States jewelry retailer Whitehall Jewelers, India’s Economic Times reported citing unnamed sources.

The Times said the deal could value at between INR 350 crore ($81 million) and INR 400 crore ($93 million).

“We have great interest in the U.S. market and are looking to expand our operation in the U.S. through the M&A route,” Gitangali executive director GK Nair told The Times. “We have enough cash on the balance sheet, which no other company in the industry in India has. We can leverage our balance sheet for any possible acquisitions.”

Front Page Photo by shoehorn99- Flickr © Some rights reserved

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