Dec 22, 2007 5:41 pm US/Eastern
Alpha Omega Jewelry Stores Reopen
BOSTON (WBZ) ―
The owner of the upscale Alpha Omega Jewelry chain has handed his stores over to a team of "struggling-retail" specialists and the stores are all reopening for business, a company spokesman said Saturday.
The owner, Raman Handa, reportedly left the country and all four of his Boston area stores were closed just days before Christmas. The stores in Cambridge and Boston have reopened and the stores at the Burlington and Natick Collection malls will reopen Sunday.
According to several published reports, Raman Handa returned to India, and his bank had 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.
A team of advisors "experienced in the re-structuring and turn-around of struggling retail businesses" from Consensus Advisors LLC out of Boston have taken over to try to turn around the company.
"Our first priority is to get the Alpha Omega stores reopened for the holiday season and to reassure our customers that we will do everything we can to complete any pending transactions," said team leader Michael O'Hara, of Consensus Advisors, in a written statement. "Our employees have had a rough week and we want to get them back to work as soon as possible."
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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