Aaron Group Jewelry Manufacturer to Close Plant After Acquisition by Richline

26/01/2017 17:19

Jewelry manufacturer Samuel Aaron Inc. plans to shut down its operations in Mount Vernon, NY, with 42 jobs to be cut, reports Instoremag.com. Citing the Journal News, which in turn cites a filing with the state Department of Labor, the layoffs are slated to start April 12, with the closure of the plant set for later that month. Samuel Aaron produces DiamonLuxe simulated gemstone jewelry along with other products. Instoremag writes that Samuel Aaron, which has several hundred employees worldwide, is part of the Aaron Group. The Aaron Group, founded as Samuel Aaron Jewelry in 1950, is a third-generation family run business that has expanded from a single store in New York into a true international operation with factories, partnerships and hundreds of employees in Mumbai, London, Hong Kong and Guangzhou. It was acquired this month by Richline Group, a wholly owned subsidiary of Berkshire Hathaway.

Upon the announcement of the acquisition, Robert Kempler, president of the Aaron Group, said, “Richline Group support will enable The Aaron Group to grow faster, introduce new designs and collections more rapidly, and expand on our history of success by reaching a broader array of customers and markets. Our mutual goal is to anticipate, foster and drive positive change in our industry.” Meanwhile, Richline’s CEO, Dennis Ulrich, said that the acquisition "will allow The Aaron Group to continue as the leader of bridal, three-stone and fashion diamond and gemstone fine jewelry while leveraging Richline’s advanced capabilities across our entire jewelry value chain.” When National Jeweler asked about the future of other companies under The Aaron Group, Richline Chief Marketing Officer Mark Hanna said that they still are in the process of assimilation, noting that the company “will be working on an integration plan over the next 90 days of employees and facilities.” No other details were released.