Boston’s Shreve, Crump & Low and its sister company Schwarzschild Jewelers in Richmond, Virg., have new owners.
U.S. 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, Fla., Tiger Capital Group of Boston, Mass.; SB Capital Group of Great Neck, NY; and retail jewelers David & Company of Chestnut Hill, Mass., and Schiffman’s of Greensboro, N.C.
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, according to a joint statement.
Multi-million dollar inventory sell- off sales are being planned for both companies in the near future. Although there were other 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, according to the statement.
, 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 Phil Holden, president of The Gordon Company. “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. Our immediate goal for the companies is to sell-off the current inventory so that the new owners can start with a clean slate.”
Early in 2007, both companies will be completely re- merchandised and will re-open under their new owners, the statement said. All of the Schwarzschild stores will remain open. While the fate of Shreve, Crump & Low’s Boylston Street store is uncertain, pending the outcome of negotiations with the landlord, the Chestnut Hill store will remain open. Both Schiffman’s and David & Co. will offer current employees the opportunity to stay with the new companies.