Dec 21, 2007 10:56 am US/Eastern
Reports: Alpha Omega Owner Flees To India
BOSTON (WBZ) ―
The owner of the upscale Alpha Omega Jewelry chain has reportedly left the country and all four of his Boston area stores are closed just days before Christmas.
According to several published reports, Raman Handa has returned to India, and his bank has taken possession of the assets at his stores, which shut down unexpectedly Thursday, leaving customers angry and frustrated.
The company's
web site has been reduced to a logo and a phone number directing all inquiries to 617-864-9111.
Boston Magazine's web site reported Handa and his family boarded a plane bound for India on Saturday with 17 suitcases and no plans to return.
Alpha Omega human resources director Robert Joy told the Boston Herald Wednesday that Handa was sick and went to India to seek medical advice.
Handa's lawyer told the Boston Globe the owner is being treated in India for an illness, but planned to return in a couple weeks.
The lawyer said he's been negotiating with Handa's bank on a plan to reopen the Alpha Omega stores in Harvard Square, the Prudential Center, the Burlington Mall and the Natick Collection.
Records show Raman's financial problems led him to use his own assets to bolster his stores. Last month, he pledged his $2 million Lexington home as collateral.
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(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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