Nathella Sampath Jewelry (NSJPL), a Chennai based jewellery store has closed down seven branches owing to poor financial health causing frenzy among customers.
Many customers who have made deposits with the store were witnessed standing outside the store eager to get their money back. However, Prappana Kumar, MD, has assured that the money will be returned within two weeks. He said their ancestral property would be sold in order to make the payments.
A complaint was made against the Tambaram branch for taking deposits from customers in lieu of gold saving schemes. The customers reportedly said that installments were paid but jewellery could not be purchased.
Store employees were present at specific branches to tend to customers’ questions and the reason behind this decision is business loss, though Prasanna Kumar, Director, was heard saying that new braches would be opened soon in Chennai, Vellore and Hosur.
This has come across as a shock to customers and jewellers alike in the city, as NSJPL is a renowned jewellery brand with a 77 year old legacy. The owner has promised to return the money to the customers within 2 weeks.
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