Reeds completes acquisition of Melart

MARYLAND WATCH

October 17, 1995

Reeds Jewelers Inc. has completed the acquisition of The Melart Jewelers Inc., a privately owned chain based in Silver Spring.

The Melart chain has 19 Maryland stores, including two in Baltimore.

Terms of the deal were not disclosed.

The acquisition opens the door to Maryland for Reeds, a $H Wilmington, N.C.-based chain that now operates 99 stores in 12 states.

Reeds, which will operate Melart as a subsidiary, said it does not intend to cut any of Melart's estimated 230 employees. The Melart name, however, is expected to be replaced by the Reeds label after the Melart stores are remodeled over the next three years.

"This acquisition gives us a foothold into new geographic markets and enables us to further capitalize on the Reeds successful jewelry retailing strategy," Reeds President and Chief Executive Alan Zimmer said in a statement.

"This merger fits naturally into our existing business, with both Melart and Reeds sharing a similar customer profile.

"The timely completion of this acquisition positions us well for the all-important Christmas season."

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