Looks like Diny's Jewelers is Going to Make It
I have a confession to make. Even though I was rooting for them and even bought a nice piece of jewelry from them (an anniversary gift that — whew! — went over very well), I didn't like the survival chances of Diny's Jewelers. Indeed, in these economic conditions, the smart money on their whole Bank Demand sale, the purpose of which was to move inventory, pay off debt, and save the business, was on the side of failure.
Imagine my pleasant surprise last week when I phoned Beverly Diny to get an update, and she told me the sale has been an unqualified success. Not only is the Middleton-based jeweler out of bank debt, but it will remain in business and use the remaining proceeds from the sale as working capital to restock inventory and meet payroll, among other operational needs.
That was hardly the answer I expected. A co-worker who lives out that way had spotted new signs on Diny's building that read: "Finals days… Everything must go… Up to 80% off." Quite logically, he took that to mean the final days of the store, not the sale, and told me it looked like Dinys was going out of business.
Naturally, I believed him. Bad move. Punt on third down move. Vote your Mercury Marine jobs down to Oklahoma move.
"Final days" meant final days of the sale, not final days of the business. Peter and Beverly Diny are not only plucky business survivors, they are foolers. They certainly fooled me. Not that that's some kind of monumental accomplishment, but who woulda thunk it?
"It's just a miracle," said Beverly Diny. "Everybody is telling us it's a miracle."
It's a miracle, alright, maybe not on 34th Street, but on University Avenue. Best of all, they've been able to hire back their son and office manager, who were let go last year, and customers have pointed them toward a new emphasis in fine silver pieces (much lower price points than gold), and they have a new bank. The old one wanted them to sign their own death warrant and liquidate, but from now on their goal is to never have to borrow again.
I'm not sure how realistic that is, but I have doubted the Dinys before. I'll never make that mistake again.