A Money Coach in Canada

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65221081_4212cf145d.jpgDavid Drucker, fellow vancouver blogger, had quite a startle the other week: his jeweller of many years is on the lam! Here’s his story:

When I proposed to Pam, I had already gotten a ring at Alpha Omega Jewelers in Cambridge. It was a small shop in Harvard Square, family run, with not spectacularly high or low prices. In the years since then, we used them for not only our wedding rings, but other bits of jewelry.

So, I was not without a fair amount of shock when I read this headline on the web site boston.com:
Alpha Omega liquidation sale set to start tomorrow

What was even more shocking was why they were liquidating our old family jeweler:

The investment consortium that bought the assets of Alpha Omega Jewelers in a bankruptcy court-approved sale said that the liquidation sale of the chain’s inventory will begin at its four stores tomorrow.

Everything must be sold before Ross-Simons, a Rhode Island-based chain, assumes the leases of Alpha Omega stores at Natick Collection and the Prudential Center in Boston, and items will be discounted to ensure fast sales, the consortium said.

The chain’s other two stores are located in Harvard Square and at the Burlington Mall.

According to stories in the Globe data base, Alpha Omega Jewelers filed for protection under Chapter 11 of the US Bankruptcy Code last month. The filing came after owner Raman Handa unexpectedly left the country with his wife, son, and daughter, prompting the company’s bank to seize Alpha Omega assets and temporarily close its stores just before Christmas.

That’s right, they were going bankrupt because the owner fled the country with his family. Suddenly my mind filled with all the plots of Jewel heists, with the thieves heading for Mexico, having deposited some of their misbegotten wealth in a Swiss Bank Account…

And to think I was served by Mr. or Mrs. Handa (I never learned their names, nor do I remember them particularly well), who might have been planning their disappearances for years!

Or perhaps it was something less glamorous and far more depressing, like mounting debts and “a threat to himself or a member of his family”.

Readers:  do you have any Theft stories?  I caught a thief once, in gastown (not an addict).  Called the police who caught him in the alley.   And of course there’s the legendary story of the guy who stole the computer from Workspace (where I rent office space) and uploaded a photo of himself onto flickr.

About the Author


Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

Friday Fun: my blogging buddies’ jeweller ran off with the gold! Comment

  1. Hey Nancy, Love the photo you used to illustrate this post!

    [Reply]

    Feb 29, 2008

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