EUGENE, Ore. (KMTR) – Eugene based Harry’s Ritchie’s Jewelers will close 10 underperforming northwest stores in a move to restructure the company.
The jeweler made the announcement Thursday, October 4th, 2012, saying the store closures will happen in Oregon, Washington and California.
The three stores that will close in Oregon include Roseburg, Medford, Salem locations. Two stores will close in California, including the Eureka and Yuba City locations. Five stores will close in Washington, including College Place, Spokane, Bellingham, Olympia and Kelso locations.
About 50 employees will be let go in the process.
"It has been a hard decision,” says Erik Parrish, Chief Financial Officer of Harry Ritchie’s Jewelers.
Harry Ritchie’s opened in Eugene almost 60 years ago, in 1956. Today, the business says it is still doing well, but it needs to restructure in order to stay healthy. The family owned company has been working on restructuring for the last year.
“It has been something we've been discussing for a while and through much deliberation and what not, we decided to make this decision in order to be a strong company throughout this economic downturn and we look forward to serving the customers for about 60 years ahead,” says Parrish.
Harry Ritchie’s Eugene’s Valley River Center mall, Springfield’s Gateway Mall, and Albany’s Heritage Mall locations will not be affected by the restructuring. Those three stores are some of the company's best performing location.
After the closures, Harry Ritchie’s will be left with a total of 20 stores across the northwest, including Oregon, Washington, California and Idaho.
The company says it has seen a big change in jewelry sales because of the internet and the rise of new boutique shops.
Harry Ritchie’s says the stores that are closing will stay open through December 31st, 2012.