And, another local business bites the dust.
Well, hopefully, not exactly..though, as you've undoubtedly heard, the once prominent Boston area jewelry chain Alpha Omega has filed for Chapter 11 bankruptcy protection. They're scrambling to find someone to buy the inventory and keep "business as usual".
So, what does this mean to you? Well, if you have a store credit, order or gift card, it means you need to get in to the nearest store ASAP to cash out.
While the lawyer handling the procedure for the owners, the Handa family, told me they will continue to honor all of the above, I am always concerned that consumers could lose out in these kinds of tenuous financial situations. Why take a chance, use whatever it is you have as soon as possible.
What has happened here is unfortunate. Alpha Omega was a good company. I never received complaints from unhappy customers or employees. It was the kind of business I admire: locally owned and operated by a philanthropic family that regularly donated goods, services, cash and even their own time, to causes we all care about; everything from breast cancer research to feeding homeless children.
So, what went wrong? It's clear the Handas tried to save the business as best they could over the last many months. They were apparently mortgaged to the hilt by bankers who trusted them. But, maybe, despite their best attempts, they were just too over extended and simply couldn't sell enough Rolex watches. I refuse to think there was anymore to it, unlike other companies that sell gift certificates and give credits even hours before they know they'll be closing their doors forever.
There have been several newspaper reports alluding to family's sudden and unannounced return to their native India. Their lawyer told me it was necessary, for health reasons .. but, I have to admit, that sounds a little fishy, given the circumstances.
I honestly don't know what to think .. but, I can tell you this, I wouldn't be a bit surprised to hear that the Handas were simply embarrassed. Good people, in situations like this, often are.
So, Mr. Handa, if you or your attorneys happen to see this, please know we all wish you well, we hope your health improves to the point that you can return to Massachusetts, and tell us what the heck happened. We trusted you, and liked you a whole lot better than some of the others.