One of 10 Michaels Jewelers stores will close after being acquired by a Springfield-based jewelry retailer, the buyer announced Tuesday.
7C Diamonds Inc. said it’s purchased the Waterbury-based jewelry chain for an undisclosed amount, and will close its Torrington store at 80 Main St. after a closing sale beginning on Friday. Inventory and staff there will be relocated to other stores.
The sale of the fifth-generation family-owned Michaels Jewelers comes as its CEO, W. Mark Michaels, heads for retirement.
Michaels, which will keep its existing brand, in a statement said his family is selling the 134-year-old chain to a “close family friend and highly-revered jewelry” retailer “who will assure the continuation of our family’s legacy past our current fifth generation.”
7C Diamonds’ president is Camile Hannoush, a member of the family that operates Hannoush Jewelers.
Stores remaining open are located in Bristol, Avon, Danbury, Orange, and in malls including Farmington’s Westfarms, Manchester’s The Shoppes at Buckland Hills, Westfield Meriden, Westfield Trumbull and Waterbury’s Brass Mill Center. Management and employee teams will also remain in those locations, 7C Diamonds said.
After the sale, several Michaels family members will remain involved as consultants in the business, which was founded by Abraham L. Michaels in 1885.
