Retailer News

Tiffany & Co., one of the world's leading luxury jewelers, will build a $10 million, 100,000-sq.-ft. jewelry manufacturing facility in Cumberland, R.I. The new plant will primarily produce silver jewelry but also make some gold and platinum jewelry. It will open in spring 2001 and employ about 450 people. A “pilot plant” that employs about 60 people, which Tiffany has operated since 1998 in nearby Warwick, R.I., will close when the new plant opens. CALIF. CHAIN PLANS EXPANSION Michael's Jewelers of Culver City, Calif., an eight-store chain, plans to expand outside California and to launch an e-commerce business. It will do so with a new $3 million line of credit from Paragon Capital of Needham, Mass. Paragon is an asset-based lender to retailers throughout the United States. Michael's is co-owned and operated by Michael and John Sarian, who founded the firm with their fathe
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