Inventory From 3 Romano’s Stores Up For Auction
By Michelle Graff
Downey, Calif.–Tiger Capital Group’s Remarketing Services Division is conducting an online auction today (Nov. 17) for the diamond engagement rings, wedding bands and watches that once lined the showcases of three now out-of-business Romano’s Jewelers stores.
Bidding is open now and can be done online at SoldTiger.com. The sale will be conducted in a live auction style beginning at 10:30 a.m. PST today.
The inventory came from the chain’s stores in Downey, Northridge and Culver City, Calif.
It includes, among other pieces, more than 500 women’s engagement rings and wedding bands, more than 450 men’s bands in tungsten and titanium, more than 350 birthstone and rhinestone necklace/earrings sets in gift boxes, and watches from Luciene Piccard, Aqua Master, Sonbol, Sport Link and Techno Link.
The cost value is approximately $700,000.
Tiger Remarketing Services President Jeff Tanenbaum called the sale a “great buying opportunity” for the trade ahead of the holiday season.
R.J. Financial Inc., doing business as (d/b/a) Romano’s Jewelers, filed for voluntary Chapter 11 bankruptcy back in January 2010. This past July, a judge converted the case to involuntary Chapter 7 in an effort to move it along and recover money for the chain’s creditors.
Shortly after the case was converted, inventory from the Northridge and Culver City stores was shuttled to Downey, where Tiger held a preview over the weekend of the assets being sold.
Established more than 20 years ago, Northridge-based Romano’s operated a total of 10 stores at its peak.
A number of the chain’s stores shut down before R.J. Financial was forced into Chapter 7 over the summer. Three more, the Downey, Northridge and Culver City stores mentioned above, followed after the case was converted.
There are, however, several Romano’s Jewelers stores still in operation that are run under a different company but headed by the same man, Randy Abalkhad