news-record.com

GREENSBORO — The restructuring firm that owns Carlyle & Co. Jewelers will close all 34 of the high-end stores in 10 states, including three in the Triad .

The move will end an enterprise that had its beginning with a single store in Greensboro in 1922 .

Employees of what was once a family-operated chain with more than $100 million in annual sales said they had seen the end coming after the onset of the recession.

The company got its start when Ned Cohen opened a Jewel Box store on South Elm Street nearly 90 years ago. That store grew into a regional chain.

In the 1970s , the Cohen family created a more upscale chain called Carlyle & Co. In 1998 , they sold their 36 Jewel Box stores, which targeted a lower- to middle-income market, for $22 million .

Most recently, Ned Cohen’s grandsons, John and Russell Cohen , ran the business, which also included chains called Park Promenade and J.E. Caldwell.

In 2005 , the brothers sold the business to Finlay Enterprises in New York for $29 million .

“The anticipation was that Finlay would grow the company and spread the Carlyle name to other parts of the country,” said Thomas Graham , who has worked for the company since 1997 . “When the recession hit, we had a good indication that Finlay’s cash flow could not support the level of debt they had.”

Efforts to reach Finlay officials and the Cohen brothers Thursday were unsuccessful.

Last April , Finlay announced that it would close Carlyle’s Greensboro-based offices and service center, putting 90 people out of work.

On Aug. 5, Finlay announced it had filed for bankruptcy with the intent of selling its assets to the highest bidder. Gordon Brothers Group , a Boston-based firm, won the bidding.

In all, 104 stores in 27 states will be closed. Going-out-of-business sales began Sept. 26 .

In the Triad, Carlyle & Co. has stores at Hanes Mall in Winston-Salem and Four Seasons Town Centre and 1951 Battleground Ave. in Greensboro.

The Battleground store opened in February , replacing one that closed in January at Friendly Center .

About 18 workers will lose their jobs at the two Greensboro stores, which should be open through Dec. 31.

Contact Donald W. Patterson at 373-7027 or don.patterson@news-record.com