Friedman’s gets a fresh start
\nWashington Business Journal, DC<\/p>\n
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Big jewelry retailer relocating to Addison after emerging from bankruptcy
\nAfter 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.<\/p>\n
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.<\/p>\n
About 100 employees will relocate to North Texas in June. Friedman’s plans to hire another 200 people in the immediate future.<\/p>\n
Dallas real estate brokers and brothers Al Leon and Art Leon, along with Al’s son Trip Leon, represented the jeweler in the deal.<\/p>\n
“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.”<\/p>\n
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.<\/p>\n
Its first store opened in Savannah in 1920.<\/p>\n
“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.”<\/p>\n
That wasn’t the company’s only problem, though.<\/p>\n
The relocation to North Texas will give Friedman’s a fresh start after emerging from bankruptcy in December 2005.<\/p>\n
Last year also saw the company hit with fraud allegations, executive turnover, earnings restatements and multiple lawsuits.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"\n