Alpha Omega reopens doors
December 27, 2007

Cambridge, Mass.—After shuttering its doors shortly before Christmas amid swirling rumors of a company collapse, Alpha Omega’s four stores all reopened before Christmas Day, The Boston Globe reported.

But it is no longer the Handa family that is running the show, and it is expected the struggling jewelry store chain will soon change hands.

According to the Globe, the Alpha Omega stores at Harvard Square and in Boston’s Prudential Building reopened on Saturday, while the mall stores in Natick and Burlington, Mass., reopened on Sunday.

The reopening of the stores followed a confusing couple of days for employees—who were told at one point that they no longer had a job—and customers alike.

According to various media reports, on Dec. 15 Raman Handa returned to his native India with his entire family in tow.

Handa is reportedly extremely ill and is now receiving medical treatment in India, after being discharged from a U.S. clinic, the Globe reported.

But there is also evidence that Handa’s company is in financial trouble.

A review of Alpha Omega financial records by the Globe showed that Handa’s debts were mounting, and on Dec. 22, his bank took possession of the assets at his stores.

As of Thursday, Michael O’Hara, an investment banker with a jewelry background, was running the daily operations at the Cambridge-based company, though Handa and his wife, Nilma, remain directors of Alpha Omega.

Mark Robinson, a consultant brought in by the LaSalle Business Credit arm of Bank of America Corp., told the Globe that a handful of individuals have expressed interest in buying the chain, and that he feels it will be “sold and up and running quite soon, just with a new helm.”

Editor’s note: For earlier developments in this story, see Mystery deepens at Alpha Omega.