LOS ANGELES — The diamond jewelry company is on its last legs, and one that is set to end.
In a year that began with the announcement of a $1.5 billion IPO, Jewelers Mutual Insurance (JMI) has suffered a $2 billion loss in the fourth quarter of 2017, according to a report in Bloomberg Businessweek.
The company has been struggling with declining sales and mounting losses since it bought the jewelry brand from its namesake jewelers in 2013.
The company has struggled to sell jewelry because it is difficult to make and difficult to sell.
It has lost about $1 billion this year alone, according the report.
In the report, the jewelers said JMI has seen “a significant decline in market share, both in the jewelry and consumer sectors.”
The company said the losses have led it to cut staff and reduce its assets.
The losses were driven by the downturn in the retail sector, including the closure of more than 300 stores, as well as a decline in its wholesale business.
Jewelers Mutual is now in the process of winding down operations, and it will close its doors on Feb. 6.
The loss will be the fourth consecutive year that the company has reported losses.JMI has been in a tough spot.
The loss in 2017 came despite the company’s $1-billion investment in a new retail business and a new website that will allow consumers to purchase jewelry online.
With the company, the largest in the industry, unable to make a profit, the investment in the new website is a significant loss for the company.JPMorgan Chase and Goldman Sachs, among others, have been critical of JMI.
“In the case of JPMorgan, it’s a big, fat, bad bet,” Jefferies analyst Chris Mokotikis told Bloomberg BusinessWeek.
For Jewelers, the losses come as a result of the company failing to invest enough in its retail business, Mokottis said.
JPM, which was founded in 1935, has been under pressure from competitors, including Tiffany & Liddell &) , and consumer groups.
The companies have been fighting a long-running dispute over who owns Tiffany &ingell, the world’s largest jewelers.
The dispute has been one of the main reasons the companies have struggled to gain market share.JMP’s losses are a setback for the jeweler, which is trying to expand its footprint to more areas, such as malls, in order to compete with competitors.