Carlyle & Co. jewelers shutting doors after 87 years

By: Fran Daniel | JOURNAL REPORTER
Published: October 17, 2009

Going-out-of-business sales are under way at Carlyle & Co. jewelry stores in the Triad.

The high-end jewelry company, based in Greensboro, is one of several retailers of fine jewelry that owner Finlay Enterprises Inc. in New York is closing around the country. The other jewelers are Bailey Banks & Biddle, Congress Jewelers, J.E. Caldwell, Park Promenade and Zell Bros.

Carlyle's stores in the Triad are at Hanes Mall in Winston-Salem, and at Four Seasons Town Centre and at 1951 Battleground Ave. in Greensboro.

Gordon Brothers Group, an advisory, restructuring and investment company based in Boston, is handling the sale for Finlay.

Gordon Brothers said in late September that Finlay, which filed for Chapter 11 bankruptcy protection in August, will close all 104 of its specialty jewelry stores in 27 states.

The company said that existing gift cards will be honored for the duration of the stores' sales, which will last until all inventory is sold.

"Certain stores as designated by the bankruptcy court could stay open as late as the end of February provided inventory is still available," Craig Venezia, a spokesman for Gordon Brothers said yesterday.

Carlyle was founded in Greensboro in 1922 as a family business. Finlay Enterprises bought the jeweler in 2005 for $29 million. At the time of the acquisition, Carlyle became a separate subsidiary of Finlay, remaining under the leadership of Russell Cohen and John Cohen, both members of Carlyle's founding family.

Carlyle officials could not be reached for comment yesterday.

fdaniel@wsjournal.com | 727-7366