Friedman’s gets a fresh start
Washington Business Journal, DC
Big jewelry retailer relocating to Addison after emerging from bankruptcy
After more than 85 years in Savannah, Ga., Friedman’s Inc., the nation’s third-largest specialty jewelry retailer, is moving its corporate headquarters to Addison.
The company, which recently emerged from Chapter 11 bankruptcy protection, has signed a 10-year lease for 85,000 square feet at Addison II, a two-story, 180,000-square-foot building near the Dallas North Tollway and Addison Road.
About 100 employees will relocate to North Texas in June. Friedman’s plans to hire another 200 people in the immediate future.
Dallas real estate brokers and brothers Al Leon and Art Leon, along with Al’s son Trip Leon, represented the jeweler in the deal.
“These aren’t clerk jobs, but high-paying jobs,” Al Leon said. “Many of them will have salaries of $100,000 to $200,000 annually.”
Friedman’s, which caters mainly to younger, low- and middle-income buyers of diamonds and gold, has 450 stores in 20 Southeastern, Southwestern and Midwestern states. It has 38 locations in Texas, including seven in the Dallas-Fort Worth area.
Its first store opened in Savannah in 1920.
“Savannah is a nice place to retire to, but it’s not a major destination point if you have to travel on business a lot,” Al Leon said. “Friedman’s was having a hard timing keeping people and recruiting people.”
That wasn’t the company’s only problem, though.
The relocation to North Texas will give Friedman’s a fresh start after emerging from bankruptcy in December 2005.
Last year also saw the company hit with fraud allegations, executive turnover, earnings restatements and multiple lawsuits.
