The retailer failed to file its annual report on time and said it may issue a going concern warning.
Suspect Arrested in NJ Grab-and-Run Being Investigated for More Thefts
The 22-year-old man is thought to be responsible for grab-and-run thefts at jewelry stores in Pennsylvania and Maryland, authorities said.
Marlton, N.J.—U.S. marshals have arrested a 22-year-old man for an October grab-and-run at a jewelry store in New Jersey, and authorities believe he may be responsible for similar thefts in Pennsylvania and Maryland.
Michael Larbi of Dover, Delaware was arrested last week in Delaware by the U.S. Marshals Office on a warrant for second-degree theft issued by the Evesham Township (N.J.) Police Department, the department said via Facebook.
Larbi allegedly stole $77,000 worth of merchandise from a store in Marlton, New Jersey on Oct. 28, believed to be the first in a string of grab-and-runs spanning three states.
The Jewelers’ Security Alliance said it included the man later identified as Larbi in two separate email crime alerts, one of which detailed a rise in grab-and-run thefts by repeat offenders.
In addition to the $77,000 theft in Marlton, he is believed to have stolen a pair of diamond rings worth $20,000 from a jewelry store in Hainesport, New Jersey, and $97,000 worth of “high-end gems” from a store in Haddon Heights, New Jersey, JSA said.
Larbi is also thought to have run with diamond rings from jewelry stores in Oxford, Pennsylvania and Blackwood, New Jersey.
In addition, Evesham police said one of their detectives determined similar thefts occurred on three occasions in Maryland.
Physical evidence recovered from one of the Maryland stores is what led to the break in the cases in New Jersey and Pennsylvania, police said.
Any jewelers who believe they may have been a victim of Larbi’s are asked to email JSA at jsa2@jewelerssecurity.org.
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