HELZBERG’S PURCHASED BY BERKSHIRE
NEW YORK — Berkshire Hathaway Inc., the holding company controlled by Warren E. Buffett, has purchased Helzberg’s Diamond Shops Inc., a chain of fine jewelry stores. The purchase price was not disclosed.
In a telephone interview, Helzberg’s president, Jeffrey W. Comment, said sales for 1995 should be about $300 million.
Comment will assume the post of chairman and chief executive officer of Helzberg, which will become a Berkshire subsidiary. He succeeds Barnett C. Helzberg Jr., who will remain a consultant to the company.
Under terms of the agreement, Helzberg’s operations will continue to be headquartered in Kansas City, with its current staff of 2,300.
Founded in 1915, Helzberg’s operates 148 stores in 23 states.
Comment said Helzberg’s will open about 20 to 30 stores a year. He noted the company has posted double digit same-store sales growth for the last six years.