Nathella Sampath jeweller closes shops in TN due to cash crunch

Team Udayavani, Oct 26, 2017, 10:17 AM IST

Chennai: Noted city-based jeweller Nathella Sampath Jewelry Pvt Ltd has closed down all its eight branches in Tamil Nadu following a cash crunch and has sought “sufficient time” from customers to clear the dues.
The retailer has assured customers that it was taking all steps to meet the commitments. Customers who invested in the firm’s gold schemes have been visiting the retailer following the cash crunch.

“We continue to honour our values despite the unfortunate turn of events which has created a financial crunch for us,” the company said in a notice put up at the head office and which was widely circulated in the social media. “We assure you that we are taking all steps to meet our commitments to our valued customers. Towards this end, we have reached out to family and friends for funds to clear the customers’ dues on priority,” it said.

The intent of the company was not to deprive any person of their claims, the notice said, adding, “we sincerely apologise for the delay in clearing the dues”. The gold retailer was recently in the news after some customers complained of non-payment of dues paid under the chit fund schemes. “We request you to give us sufficient time to meet our commitments and pray for your continued trust and support,” it said.

Following the company’s announcement, several people took to social networking sites to vent their anger.
“This was expected for a long time. Closes all its branches,” said Vasudevan K, a customer. “…jewellry has been closed. What will the people do who has put jewel chit #awareness,” a resident wrote. Another customer Raja said, “…Nathella jewellers closed. Lot of customers lost their hard earned money, including me. I don’t know what to do”.

Following the development, the company’s website also went offline, with a message saying “site under construction”.