Three years after buying back its company from Avon, a Silpada Designs says the Lenexa family-owned business is beginning the process of closing down.
Silpada Designs was founded by Jerry and Bonnie Kelly and Teresa Walsh. It began as a home party jewelry business but quickly expanded far beyond Lenexa, Kansas, USA.
In 2010, Silpada Designs sold their company to Avon Products Inc. for $650 million, but bought it back for a fraction of that at $85 million in 2013, according to the KC Business Journal.
In a news release sent out Tuesday afternoon, Silpada’s Vice President of Marketing, Andrea Carroll, says independent representatives will have through July 31st to sell Silpada jewelry and earn commissions.
A Silpada dealer posted the following on their Facebook page ahead of the official announcement.
“While we are deeply saddened, we