Alpha Omega jewelry liquidation sales likely this weekend
\nBoston Herald, United States<\/p>\n
<\/p>\n
Liquidation sales at the four Alpha Omega watch and jewelry store locations could begin as early as this weekend if a U.S. Bankruptcy Court judge approves the winning bid for the Cambridge company\u00e2\u20ac\u2122s assets at a hearing tomorrow.<\/p>\n
A joint bid by Boston-based Tiger Capital Group, the Gordon Co. and SB Capital was the top offer for Alpha Omega\u00e2\u20ac\u2122s assets during an auction that ended late Tuesday. Court approval would allow them to buy Alpha Omega\u00e2\u20ac\u2122s $18 million in assets for 70.25 percent of their cost value, or $12.6 million.<\/p>\n
In addition, the three companies have agreed to pay $125,000 for Alpha Omega\u00e2\u20ac\u2122s leasehold rights and intellectual property, which includes the Alpha Omega name, according to Michael O\u00e2\u20ac\u2122Hara, Alpha Omega\u00e2\u20ac\u2122s outside chief restructuring officer.<\/p>\n
O\u00e2\u20ac\u2122Hara was appointed after Alpha Omega filed for Ch. 11 bankruptcy protection earlier this month with $31.6 million-plus in debt, following failed attempts to supplement luxury watch sales by branching into higher-margin fine jewelry.<\/p>\n
\u00e2\u20ac\u0153While we are disappointed at the price that we were able to sell the company for, under the circumstances, we were not surprised by the value we got,\u00e2\u20ac\u009d O\u00e2\u20ac\u2122Hara said.<\/p>\n
O\u00e2\u20ac\u2122Hara said a tough retail climate and widespread publicity about Alpha Omega owner Raman Handa\u00e2\u20ac\u2122s decision to return to his native India prior to his company\u00e2\u20ac\u2122s bankruptcy filing – without notice to his financial advisors – and a $6.3 million inventory discrepancy stifled interest in the company\u00e2\u20ac\u2122s assets.<\/p>\n
Cranston, R.I.-based jewelery chain Ross-Simons has agreed to take over the leases of at least two of Alpha Omega\u00e2\u20ac\u2122s stores, which are located in Boston, Cambridge, Burlington and Natick. Ross-Simons will operate the stores under its own name once the liquidation sales end, which is expected to be in May. It also has pledged to interview Alpha Omega\u00e2\u20ac\u2122s 100 employees for jobs at the two stores and its other existing stores or headquarters.<\/p>\n","protected":false},"excerpt":{"rendered":"
Alpha Omega jewelry liquidation sales likely this weekend Boston Herald, United States Liquidation sales at the four Alpha Omega watch and jewelry store locations could begin as early as this weekend if a U.S. Bankruptcy Court judge approves the winning bid for the Cambridge company\u00e2\u20ac\u2122s assets at a hearing tomorrow. A joint bid by Boston-based […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"\n