CloseOutNow.com(TM), a cutting edge, one-stop, B2B auction servicing the estimated $100 billion plus market of excess fashion inventories announced today that it has added fine jewelry and watches to its merchandise listings for auction on the site. Robert Sherman, a jewelry industry veteran for nearly three decades, has been appointed director of CloseOutNow.com's new jewelry division.

"Fine jewelry and watches are an integral portion of the accessories market," said Steven Lubinski, CEO of CloseOutNow.com. "As part of our commitment to provide the `total' solution to our customers, we are delighted to expand our accessories listings to include these items, opening another distribution channel to help manufacturers alleviate the on-going problem of excess inventory accumulation and providing another resource for retailers to increase their merchandise selection and fill their stores."

CloseOutNow.com facilitates a virtual international marketplace where buyers and sellers of unsold branded and non-branded inventories of fashion merchandise are matched through auction. The B2B site posts inventory listings of apparel, footwear and accessories, now including fine jewelry and watches, for on-line auction making them available for bid by CloseOutNow.com customers around the globe.

"Part of what makes CloseOutNow.com different from our competition is our domain expertise or in-depth understanding of the industries we are targeting," said Lubinski. "Robert Sherman has been involved in the retail and wholesale segments of the jewelry industry for 30 years. He knows the ins and outs of fine jewelry and will be able to assist our site customers with all their needs and concerns."

"In the jewelry business, turn-over and cash flow are anemic. Profit is usually secured through the movement of close-out inventory because order sales generally only produce break-even status," said Sherman. "CloseOutNow.com provides jewelry manufacturers the opportunity to raise profit margins by exposing their surplus goods to a significantly increased number of outlets and by cutting out the powerful middlemen who have traditionally monopolized the market offering manufacturers only a fraction of merchandise value to relieve inventory overload."

About CloseOutNow.com(TM)

CloseOutNow.com is a privately held, B2B on-line auction site for excess inventories of branded and non-branded fashion merchandise. Based in Manhattan's Fashion District, CloseOutNow.com offers a global solution for manufacturers, wholesalers and retailers, both in its scope of services and its geographic reach. The company is the brainchild of fashion field notables Steven R. Lubinski, Chairman and CEO, and R. Fulton Macdonald, Vice Chairman and chief e-commerce officer, who together bring over 70 years of fashion and retail industry experience to the venture. In addition to facilitating a global marketplace, the full-service auction provides financing and logistical support, if necessary, to its customers.