Instead of passing the ownership to a family member or selling the business, Bernie Robbins Jewelers' ownership will be given to six long-time employees in Somers Point stores and Newtown and Villanova for free.
Harvey and Maddy Rovinksy, the owners of Bernie Robbins Jewelers, did not detail how many employees will receive the Bernie Robbins Jewelers' ownership. However, the transition will not be official in the first quarter 2024.
Many of their employees have served the company for 30, 20, and 25 years. Harvey noted that these are loyal employees who are like a family.
Rovinksy said, "We don't have any family in the business, and we kind of need a path for succession. You know, our runway is getting shorter, and if we have a problem with either of us, then the business goes away."
No Buyers were Qualified
Harvey and Maddy Rovinsky are giving up Bernie Robbins Jewellers after over 60 years of running the business. The first few years they were there, they sold appliances, but now they only sell jewelry.
The company has stores in Philadelphia and New Jersey. It has been in business since 1962 and has been "carrying the world's most prestigious timepieces, an unparalleled diamond selection, and universally celebrated designers" for many years.'
Rovinsky stated that he and his spouse, who sold one of their renowned stores the previous year, had previously sought potential purchasers for the company. The two concluded, however, that none of the candidates were "qualified to continue the legacy" of Bernie Robbins, the company's founder.
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Keeping the Legacy from Bernie Robbins Jewelers' Ownership
Rovinsky's father-in-law, Robbins, left a legacy that the couple has tried to carry on over the years. Ultimately, they decided that the best way to do this was to give the business to current employees.
He emphasized that he would rather keep Bernie's legacy than sell the business to someone who would transform what they are doing.
Additionally, he said that the solution has been in front of their faces since these employees understand the company's culture and what they want. Ravinsky said It has been executed and managed by them, and we have been fortunate that financial considerations have not influenced their actions.
"Therefore, we will proceed with the business operation using individuals with expertise to manage it."
Besides, the couple loves their employees and has been with them daily for many years. So they are thrilled to give them the Bernie Robbins Jewelers' Ownership. For them, it is rewarding to pass on the business to the people they know.
Meanwhile, the future owners still asked Ravinsky to be their CEO once the transition was made official. As told in the Fox report, he was flattered and honored to serve them.
The store manager, Steven Jaffe, says it was exciting for him and the other people involved. He was surprised but ready to keep the legacy. He added that he always treated Bernie Robbins Jewelers as his own business.
Jaffe is currently preparing for a massive sale that began on Thursday. According to Rovinsky, the revenue will assist in transferring a debt-free business to the new proprietors.
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