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Watches at PWH for repair slated for Sept. return

By Michelle Graff
August 20, 2009

Providence, R.I.--Retailers and consumers who have dropped off their watches for repair at the Providence Watch Hospital will have to wait a little bit longer before their timepieces are returned.

Once owned by jewelry industry veteran Fred Levinger, Providence Watch Hospital LLC was placed into receivership, a form of bankruptcy where a receiver is appointed to handle a company's assets and financial affairs, earlier this year, along with manufacturer Speidel LLC, which also was owned by Levinger.

While the sale of Speidel was approved by the court and closed last week, the fate of Providence Watch Hospital, a fine-jewelry retailer and watch-repair shop with stores in Cranston, R.I., and Wakefield, R.I., has not yet been finalized.

Richard Land, an attorney with Winograd, Shine and Zacks PC who is involved in the case, confirmed earlier to National Jeweler that attorney Allan Shine, the court-appointed receiver in the case who is also with Winograd, Shine and Zacks PC, has asked the court to approve the sale of Providence Watch Hospital to Evan Saltzman, a relative of the store's founder Joseph Saltzman, for $53,000 on Aug. 26.

The sale is only for Providence Watch Hospital's fixtures and equipment; it does not include inventory.

A liquidation sale of the inventory--which does not include any watches that have been dropped off for repair--is tentatively scheduled for Aug. 28, 29, 30.

As for the watches in for repair, Land said the intention is for the buyer of the non-inventory assets to arrange with the watches' owners to either repair and return, or just return, their timepieces after the sale is finalized.

He expects this will happen sometime in September.
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