Jewelry Store Closes In The Eastridge Mall
While no reason has been given yet as a reason for this location's closing, a recent story published by jewelry retail website JCK, hints at some internal issues with Samuels Jewelers parent company, Gitanjali Group.
As of March 29th, 2018, the Gitanjali Group, which is the largest branded jewelry retailer in the world, is under an ongoing investigation for conducting fraudulent transactions from the Punjab National Bank. The case is rumored to be the largest Indian bank fraud in history.
Samuels CEO Farhad Wadia stated it is "business as usual", despite the recent speculation. He was quoted saying to JKC:
The main problem for us has been the bad publicity.We have many vendors that are great partners and are standing by us in our hour of need. We are going to come out of this. This is a 125-year-old company that has been through many challenges. This is just one more bump in the road, and we believe we can surmount it."