Siebel bought out by Russian firm

High-end jewelry chain store, Siebel, was sold to the Russian Moscow Jewelry Factory, announced curator Marinus Pannevis Thursday. The Russian have big plans for the stores. Not only do they want to re-open all 36 stores within 2 weeks, but they plan to expand the number of stores to 60 in the next 3 years. The curator thinks Siebel is headed for a bright future and is confident the "buyer will offer a better part of the former staff members a job, so the stores can continue their business in their familiar way." The stores employed about 170 people. They will be informed by the new owner in the course of the next week. Siebel had to file for bankruptcy after December sales lagged and the Rabobank denied an important credit line. Several parties had expressed interest in acquiring the jewelry stores.