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Alpha Omega - Followup

12/21/2007 11:24:00 AM
Yesterday it was only on the front page of the Business section of the Globe. Today it's Front Page news. It looks like Alpha Omega might be declaring bankruptcy and perhaps the assets will be sold off by the bank.

Financial documents reviewed by the Globe show Handa's debts were mounting, and yesterday his lawyer said Handa's bank had taken possession of the assets at his upscale jewelry stores, which were closed for business five days before Christmas.

Middlesex County records show Handa remortgaged his house and a second piece of property he owned about a dozen times in the last 11 years, often for million-dollar-plus sums.

"Raman is quite ill, but he's been in touch with people at his company and with the company's attorneys by e-mail and we've talked to him on the phone as well," said his lawyer, Richard E. Mikels."

I will admit that it's a little suspicious that the owner and his entire family have left the country due to his illness at the same time that his business is going under. But, I'll give him the benefit of the doubt because as we all know - sometimes when it rains, it pours. Here's wishing Mr. Handa a speedy recovery and that the tides change for his business and all his employees.

PS. I'd love to come help out, but I don't think I can afford anything in your stores.

PPS. Read the Globe article (here) for yourself.

UPDATE 12/22/07
Here's a link (here) to another follow up article from today's Globe that the management at AO has been restructured and the stores will reopen.

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3 Response to "Alpha Omega - Followup"

  1. Anonymous Said,

    Hi Beantown Bloggery,

    Looks like this story may blow up big in the next week or so. Boston Magazine seems to have the scoop and the comments in the aritcle: Breaking News: Alpha Omega Family Flees U.S. are pretty interesting to read. Nothing like a good scandal for the city to start the new year with!

    Posted on 12/21/07, 7:49 PM

  2. Anonymous Said,

    You know what? When I read this article, I was not surprised that they didn't have many customers after the way I was treated when I went to shop there in 2003. They were very snotty, despite the fact that I was shopping for a Rolex and a Ring. When I asked them if they serviced Rolex Watches (as I already had one), they did not seem bothered. They had a very sexist attitude about themn (The male staff). Considering I am an easy going person who was looking to spend money, they really messed up there I would say. I voiced my concerns to the manager of the store, and the manager could not care less either. Oh well. Evidently many other potential customers had the same experience and just didn't bother going back.

    Posted on 1/4/08, 9:24 AM

  3. Anonymous Said,

    A bet it was those jerks in the Prudential location.

    Posted on 1/7/08, 9:44 AM


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