The owners of Bernie Robbins Jewelers are retiring and handing over their stores to a group of employees.
Harvey and Madeleine Rovinsky have run the business, which has stores in Villanova and Newtown, PA, and Somers Point, NJ, for 57 years, The Press of Atlantic City reported. The business was by Madeleine Rovinsky’s father, Bernie Robbins, in 1962.
The exact ownership group remains to be determined, according to the newspaper.
Without a family succession plan, the couple considered selling the business. Eventually, “We said, ‘You know, this has been right in front of our faces all this time. Instead of trying to find a qualified buyer, why not give it to people that are successfully running it now?'” Harvey Rovinsky told Fox Business.
He plans to continue with the business as CEO, CBS News Philadelphia reported.
A retirement sale is underway. The transfer is set to take place next quarter.