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Alpha Omega sale approved

Two stores to become Ross-Simons

January 25, 2008

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Boston—The sale of Boston jeweler Alpha Omega's assets was approved this morning, and at least two of the company's stores will become part of the Ross-Simons chain.

According to a news release, U.S. Bankruptcy Court Judge William C. Hillman gave the OK for investment partners The Gordon Co. of Fort Lauderdale, Fla., Boston-based Tiger Capital and SB Capital of Great Neck, N.Y., to buy the bankrupt company's assets for an undisclosed amount.

A court-ordered liquidation of the company's multimillion-dollar collection of diamonds, fine jewelry and watches will begin as soon as a complete inventory is taken.

The Gordon Co., Tiger Capital and SB Capital will operate the Alpha Omega chain through the sale period.

Upon its completion, Cranston, R.I.-based Ross-Simons will re-open and re-merchandise the Natick, Mass., store and the stores in the Prudential Center as part of the Ross-Simons chain. All Alpha Omega employees will have the opportunity to interview for positions with Ross-Simons.

Ross-Simons operates nine retail stores in Rhode Island, Massachusetts, Georgia, New Jersey, North Carolina and Connecticut, and four outlet stores.

The consortium of investors is working with "other potential retailers" to assume the leases of Alpha Omega's other two Massachusetts stores, in Burlington
and the flagship store in Cambridge, according to the news release.

"We are pleased to be associated with Alpha Omega's outstanding operations and sales team," Gordon Co. President Philip Holden said in a statement. "They have done a fantastic job during difficult times, overcoming huge obstacles to take care of their clients' needs. Our immediate goal for the company is to dispose of the current inventory so that the new owner can start with a clean slate."

The Gordon Co. specializes in managed liquidations for jewelers and other luxury retailers. In 2006, the company led the successful revitalization of Boston-based Shreve, Crump and Low.

Tiger Capital specializes in promotion and management of store-closing events and inventory reduction for retailers.

SB Capital Group, a Schottenstein affiliate, helps businesses manage change, restructure assets and maximize profit.

Editor's note: For earlier developments in this story, see Winning bid emerges for bankrupt Alpha Omega.
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