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March 20, 2020

During crisis, Michaels Jewelers buying, not selling

The newest Michaels Jewelers store in Canton is open to buy gold and jewelry from those in need of liquid assets right away.
By Michael Bingham

Michaels Jewelers, which operates a chain of 10 retail jewelry stores in Connecticut, has closed most of its locations through April 1 in response to the coronavirus outbreak. Included are stores in Waterbury as well as locations in the Westfield Meriden and Westfield Trumbull malls.

However, the retailer also announced Wednesday it would continue to buy gold and jewelry from customers in need of cash in their non-mall-location stores in Orange, Danbury and Canton.

“The health and well-being of our customers and employees are paramount to our focus during these unprecedented times,” said Michaels Jewelers President Camile Hannoush, who acquired the 135-year-old business last year. “We are monitoring the decisions of our federal and state leaders as well as coordinating with our landlords and supply chain.”

Hannoush said he would continue to pay health-insurance premiums for all employees during the temporary layoff.

Michaels Jewelers stores not located in malls — including locations in Orange,  Danbury and Canton — will continue to buy gold and jewelry from customers who want to sell their valuables to provide a much-needed immediate cash infusion.

Those three locations, which the company said are operating in a disinfected, properly sanitized environment, are open 11 a.m. to 6 p.m. daily except Sunday. More information on this program is available at michaelsjewelers.com.

“We realize that families are nervous about where money will come from during this crisis. Our program can be transacted remotely and will be a boost for those seeking a source for cash relief,” said Hannoush. He stressed that the Michaels Jewelers staff has a secure transaction system in place.

“We will do all we can to manage this crisis together as one,” he said.

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