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MajorsSep 01, 2015
Liquidation sale to begin soon for 3 Romano’s stores
The Romano’s Jewelers stores in Culver City, Northridge and Downey, Calif. have closed, with a single liquidation sale slated to begin in mid-October.
Northridge, Calif.--Three Romano’s Jewelers stores have shut down in recent weeks, with inventory and fixtures from those stores expected to be sold off come October.
R.J. Financial Inc., doing business as (d/b/a) Romano’s Jewelers, filed for voluntary Chapter 11 bankruptcy protection back in January 2010. This July, a judge converted the case to an involuntary Chapter 7, where the aim is to liquidate and recover as much money as possible for creditors.
Attorney David Seror, a partner at the firm of Ezra Brutzkus Gubner LLP and the trustee appointed to R.J. Financial’s Chapter 7 case, said the three stores, located in Culver City, Northridge and Downey, Calif., all north of San Diego, have been shut down for several weeks now. (There were other Romano’s Jewelers stores that closed before the case was converted to a Chapter 7.)
All the merchandise from the Culver City and Northridge stores has been shuttled to the Downey location. Seror said the merchandise, showcases and any other fixtures will be liquidated--sold to both the public and any retailers interested in purchasing them--in an effort to raise the $58 million R.J. Financial owes to its creditors.
He said he is looking to reopen the Downey store, which is currently closed, and have the sale in mid-October.
While the case winds its way through bankruptcy court, R.J. Financial President Randy Abalkhad continues to be involved with the management of other Romano’s Jewelers stores.
Seror said there are Romano’s Jewelers stores operating that were not property of the bankruptcy estate: Diamond Trading Lakewood, which is d/b/a Romano’s Jewelers in the Lakewood Center Mall in Lakewood, Calif., and Diamond Trading Glendale, d/b/a Romano’s Jewelers in the Glendale Galleria Mall.
“Diamond Trading is not in bankruptcy,” Seror noted. “R.J. Financial is in bankruptcy.”
There is also a Romano’s Jewelers still open in San Diego County, said A. David Youssefyeh, Abalkhad’s attorney.
Meanwhile, Abalkhad faces felony identity theft and conspiracy charges for allegedly instructing two employees to obtain the personal financial information of active duty military members so Romano’s Jewelers could put unauthorized charges on their store accounts, a story first uncovered by NBC 7 San Diego.
One of the two employees, Nellie Cha Noland, pleaded guilty to the charges in May. The other, store manager Carlos Omar Torres, and Abalkhad have pleaded not guilty.
A former Marine who allegedly was bribed to aid the store in
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its scheme already has been convicted in the case.
Abalkhad and Torres were slated to appear in court Tuesday. No further information on the outcome of the proceedings was available as of press time.
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