-from The New York Post
The 116-year-old luxury watchmaker-retailer Tourneau is said to be running out of time.
The New York company, owned private equity firm, Leonard Green & Partners has been for sale for months but has yet to field a single serious nibble, according to a report.
As more people rely on smartphones and other gadgets to keep track of
time, the watch industry has been struggling, and Tourneau may have
also hurt itself by overexpanding, industry experts say. Tourneau has had declining
sales and is losing market share, according to a report by Debtwire,
which covers distressed debt.
“The fact that this process has been going on for a number of months
without a buyer could be a sign of challenges in this process,” said
Elsa Berry, founder of Vendôme Global Partners, an M&A advisory firm
specializing in the luxury industry who is not involved with Tourneau. “The market is much more unforgiving today for underperformers or brands losing money,” she said.
Tourneau, which has 33 locations and which claims its
Las Vegas store is the largest watch store in the world, appears to be
trying to change.
Its Web site on Tuesday featured not a $3,960 Nomos Glashütte, but a $250 Samsung Gear S2 watch.