Alpha Omega leaves Amid Rumors
Report says:
The owner of the Alpha Omega jewelry store chain reportedly left the country. They say that he was struggling with financial problems.
According to a report on Boston Magazine’s website, Raman Handa returned to his native India with his family on Saturday after several weeks of rumors about his financial health.
Alpha Omega was very big and recently been a major advertising in several media outlets, (including the Boston globe and Boston magazine). But Dan Scully, the president of Boston magazine had started refusing Alpha ads because he had fallen behind its payments.
Dan Scully had said that he saw a memo that was sent to the employees that Handa had returned to India because of Health reasons.
Alpha is now living in Cambridge and has 2 stores in Harvard Square in the prudential center in Boston mall, and in the Natick collection.
Employees at all four stores said that they were open for business for the Christmas shopping season, although the store in the prudential center closed earlier then other shops. Workers inside covered display cases with sheets, and calls and emails to the office, and to Alpha Omega publicist, and the members of the Handa families weren’t returned.
A sales person at one of the stores said that workers were called by their manager after they clocked out on Tuesday and told them “that something is going on’’ and that in a couple of days they will find out if their going to have new owner or if the store will be closed.
That employee said that they have not seen any memo about Handa leaving the country. She said that it was a usual day of business. All the same employees were told that the store would be closed on Thursday but come in usual time on Friday. All employees are all very sick of everything that’s going on and they hope that somebody buys the place and they all have jobs.
Alpha Omega has been a highly visible advertiser in Boston area newspapers and magazines, often employing ‘’co-op advertising,’’ in which a watchmaker, such as Rolex, shares the cost. In 2007 the jewelry store chain has been among the top advertisers in Boston magazines.
Scully said that he cut off the Alpha omega account in June because the chain had stopped paying its bills. Handa had asked to be a little more flexible and lower the payment. But Scully said that means he would have to run a financial difficulty because of an investment.
Scully says: ‘’I told him that it would be a good idea to take a break and come back later when he was in a better financial condition.” Scully recalled. “ I told him I didn’t want him to incur any further debt.’’
One Vendor said Alpha Omega owes him $800. Due to competition from other jewelers the company had been facing financial pressure due in larger part to high rent at Harvard square store.
Local jewelers have faced growing competition from designers looking to get a piece of retail market, as consumers become increasingly brand driven. Several months ago luxury watchmaker Tourneau opened a store in Natick, just a few years after launching a Boston boutique.
Competitors yesterday said that they were shocked what reporters were saying about Handa’s departure. They say ‘’He’s a great guy and a generous man said jack winer, vice president at Shreve, crump & Low in Boston, who once worked for handa.