SPRINGFIELD, MA – Michaels Jewelers, a Connecticut-based retail jewelry chain that operates 10 stores, has been purchased by 7C Diamonds Inc. of Springfield, MA.
Financial terms of the deal were not disclosed.
W. Mark Michaels, CEO of the family-owned Michaels Jewelers, said, “Our family-owned business is proud to announce that we have reached a purchase agreement with our close family friend and highly revered jewelry retail specialist Camile Hannoush, president of 7C Diamonds, Inc. based in Springfield, Mass.”
Michaels Jewelers stores in Connecticut are currently located in Danbury, Orange, Avon, Torrington and Bristol and in well-known malls that include Westfarms, Manchester’s Buckland Hills, Westfield Trumbull, Westfield Meriden and Waterbury’s Brass Mill Center.
“Nine of these stores will remain open with their management and employee teams in place,” Hannoush said. “We will repurpose and relocate the Torrington store inventory and staff to a yet-to-be-determined new store location, and on Aug. 16, that store, at 80 Main St., will begin to host a closing sale.”
Michaels Jewelers was founded in 1885 by Abraham L. Michaels and has been managed most recently by fourth- and fifth-generation family members.
“As I approach my impending retirement, we have decided to sell our family-founded enterprise to another family-owned jewelry entrepreneur that will assure the continuation of our family’s legacy past our current fifth generation,” said W. Mark Michaels.
Hannoush said Michaels Jewelers is a “very secure, well-known and highly valued brand.”
“As another family-owned jewelry business, the 7C Diamonds Inc. team is highly honored to keep moving the Michaels brand forward to keep the well-established legacy prominently viable across Connecticut,” Hannoush said.
“Fourth-generation family member Mark Michaels will be much-welcomed as a revered supportive consultant to 7C Diamonds Inc. as will fifth-generation family member Lindsay Michaels-Gorski, who will provide insights into effective marketing strategies for Michaels Jewelers and continue as the ‘voice of the brand.’”
7C Diamonds welcomes DeAnna Syner as Michaels Jewelers director of marketing and Valentino Diaz as operations team support member. Employees in the nine Connecticut stores will remain in place.