The owners say business has been good, but they've decided to dissolve their partnership.
By CYNTHIA VINARSKY
VINDICATOR BUSINESS WRITER
WARREN -- Klivan's Jewelers, a landmark on Warren's Courthouse Square since 1938, is closing.
Owners Thomas Duma Jr., president, and Earl Maxin Jr., vice president, said they have decided to dissolve their partnership so that both can pursue other interests.
A going-out-of-business sale will begin Friday, with a private sale for longtime customers set for Thursday. The store, 115 W. Market Street downtown, is closed through Wednesday to prepare for the sale.
Duma said business has been good and all the store's creditors will be paid. "This is definitely not a forced liquidation," he said.
Klivan's has seen its sales grow almost every year, Duma said. The retailer saw a moderate drop after Sept. 11, but its December sales matched the previous year while the jewelry industry, in general, experienced a 12 percent sales drop. Store revenues were up in January.
Only solution: Duma said he and Maxin have been trying to negotiate a buyout agreement for about a year and finally decided that a liquidation in which the proceeds are divided equally was the only solution.
He owns the building, Duma said, but he won't make any decision on what to do with it until the liquidation is complete. By law, liquidation may not last more than 90 days, he said.
Russian immigrants Isadore and Jacob Klivan started their jewelry business in Youngstown in 1896, according to a company history provided by the store owners, and the twin brothers had two stores in downtown Youngstown at one time.
Their brother Harry opened the first Klivan's store in Warren in 1938. Duma's father, Thomas Sr., and a partner, Isadore Diamondstien bought it in 1958. Duma Jr. and Maxin bought the business in 1982.