GoldMax expanding in Chicago

Published by Brigid Sweeney, November 14, 2011

GoldMax, a three-year-old gold-buying chain that's capitalizing on the precious metal's record-setting price surge, will open 15 to 20 stores in Illinois in 2012.

The company, co-owned by Scott Garber, a 30-year-old University of Chicago Booth School of Business dropout, currently operates more than 80 stores in the Chicago area.

Since launching in 2008, GoldMax, which encompasses Midwest Gold Buyers Inc., based in Streamwood, and Southeast Gold Buyers LLC and GoldMax of California Inc., both based in Atlanta, has been opening an average of more than one store a week.

The stores are on pace to generate a total of $175 million in revenue this year, almost quadruple the $45 million they generated in 2010, Mr. Garber recently told Bloomberg, thanks to skyrocketing gold prices and financially worried Americans eager to trade jewelry for cash.

Earlier this month, Midwest Gold Buyers stores, mostly located in the Chicago area, were rebranded as GoldMax stores to reflect a more national presence, the company said. The stores range from 700 to 4,000 square feet.

Brigid Sweeney
Crain's Blogs
Twitter: @Brigid_Sweeney
www.chicagobusiness.com