Group steps up to save venerable Boston & Richmond Jewelers
10 Oct '06
3 min read
The fate of Boston's most venerable jeweler, Shreve, Crump & Low and its sister company Schwarzschild Jewelers in Richmond, Virginia has been decided.
US Bankruptcy Court Judge Douglas O. Tice, Jr. approved the sale of Tyringham Holding's assets to an investment partnership consisting of The Gordon Company of Ft. Lauderdale, Florida, Tiger Capital Group of Boston, MA; SB Capital Group of Great Neck, New York; and retail jewelers David & Company of Chestnut Hill and Schiffman's of Greensboro.
The Gordon Company, SB Capital Group and Tiger Capital Group will operate Shreve, Crump & Low and Schwarzschild Jewelers through an interim period of several months before turning full ownership of Shreve, Crump & Low over to David & Company and full ownership of Schwarzschild Jewelers to Schiffman's in early 2007.
Multi-million dollar inventory sell- off sales are being planned for both companies in the near future. Although there were other bidder groups interested in purchasing Tyringham Holding's assets the consortium was the only group with plans to continue operation of both Shreve's and Schwarzschild. Phil Holden, President of The Gordon Company, who had a management position at Schwarzschild Jewelers over 25 years ago, was ecstatic with the outcome of the auction.
"We are thrilled to play a part in reviving two of the jewelry industry's oldest and respected names," said Holden. "Shreve, Crump & Low is an institution in Boston and Schwarzschild holds a similar distinction in Richmond. Despite recent problems, there is tremendous equity in both of the brands.
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