Chennai, Oct 24 (PTI) Noted city-based jeweller NathellaSampath Jewelry Pvt Ltd has closed down all its eight branchesin 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 allsteps to meet the committments.
Customers who invested in the firm's gold schemes havebeen visiting the retailer following the cash crunch.
"We continue to honour our values despite the unfortunateturn of events which has created a financial crunch for us",the company said in a notice put up at the head office andwhich was widely circulated in the social media.
"We assure you that we are taking all steps to meet ourcommitments to our valued customers. Towards this end, we havereached out to family and friends for funds to clear thecustomer dues on priority", it said.
The intent of the company was not to deprive any personof their claims, the notice said, adding, "we sincerelyapologise for the delay in clearing the dues".
The gold retailer was recently in the news after somecustomers complained of non-payment of dues paid under thechit fund schemes.
"We request you to give us sufficient time to meet ourcommitments and pray for your continued trust and support",itsaid.
Following the company's announcement, several people tookto social networking sites to vent their anger.
"This was expected for a long time. Closes all itsbranches", said Vasudevan K, a customer.
"...jewelry has been closed. What will the people do whohas put jewel chit #awareness", a resident wrote.
Another customer Raja said,"..Nathella jewellers closed.
Lot of customers lost their hard earned money, including me. Idont know what to do".
Following the development the company's website alsowent offline, with a message saying "site under construction".
PTI VIJ APRAPR.
This is unedited, unformatted feed from the Press Trust of India wire.