Projo 7 to 7 News Blog

By BARBARA POLICHETTI
Journal staff writer

Colibri, the bankrupt East Providence jewelry maker, has auctioned off most of its assets.
Journal file photo / Steve Szydlowski

The high-end cigarette lighters, Seth Thomas clocks, Movado watches and other brand-name accessories long under the umbrella of East Providence-based Colibri Group are now scattered across the country following last week's auction of many assets of the failed company.

The invitation-only auction is part of the liquidation of the 81-year-old company that claims to have introduced the world's first automated cigarette lighter and which abruptly closed its doors in January.The state Superior Court is overseeing the sale of the company's assets and, according to records on file with court-appointed receiver Allan M. Shine, the two biggest buyers at the March 19 auction were Bidz.com of California and Alliance Time of New York.

Bidz.com -- a Web-based company that auctions fine jewelry and upscale accessories -- spent about $5.9 million for Colibri's jewelry lines, which include Krementz, Daring Diamonds and Dolan Bullock. A Bidz.com spokesman Friday said the Colibri jewelry it acquired will be sold on the Internet. No decision has been made as to whether the patents and molds will be used for future manufacturing.

Alliance Time, a major distributor of jewelry, watches and accessories, paid about $2.3 million for Colibri's signature line of cigarette lighters, plus clocks under the Seth Thomas and Linden Clocks names.

 Tags  bankruptcy business East Providence employment recession

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