Swiss Watch International filed a WARN notice with the state on Jan. 27 that indicated that it laid off 129 employees on Jan.
23. The WARN notice said the company surrendered its assets to its lenders. “Since July 22, 2016, Swiss Watch has operated under a forbearance agreement,” the company wrote in the WARN notice. “Under the forbearance agreement, Swiss Watch’s lenders allowed the company to remain operating while we attempted to obtain additional financing and business and remain in operation as a going concern.
Unfortunately, while the company believe that it would be successful in obtaining new financing and business, we recently learned that the company’s efforts to remain in operation have been successful.” The company said it regretted that it could not provide its employees more advanced notice of the closure of the business because of the quick decision of its lender. An e-retailer that also runs eWatches.com, TheWatchery.com and SmartBargains.com and sells through eBay, Swiss Watch International was founded in 1983 by Izac Ben-Shmuel, Lior Ben-Shmuel and Shlomi Ben-Shmuel. Its lines include Swiss Legeng, Lucien Piccard, Cabochon, Elini Barokas and Ben & Sons. WorldofWatches.com previously ran an internet show about its products.
In 2012, it was acquired by California-based Clearlake Capital Group in 2012. A person with knowledge of the situation said the private equity firm sold the company in the third quarter of 2016. Officials from Clearlake Capital didn’t return a call seeking comment.
In May 2016, Swiss Watch International announced the hiring of Keith Bradley as CEO and Russell Ackner as chief marketing officer. It should be noted that they are still charging your credit card if you have stress free payments outstanding so keep an eye on you CC statements, if they over charge you good luck getting it back!
Reason of review: Poor customer service.