Wilson’s Narrowly Avoids Auction Block

It came down to the wire this week for Wilson’s of Wickford as the retail shop narrowly avoided the auction block Tuesday.

According to Craig Wilson of Wilson’s of Wickford, the building on Brown Street was scheduled to be put up for auction at noon on Tuesday by the Washington Trust. At the 11^th hour, the court finally approved the sale of 35 Brown Street to jewelry juggernaut Alex & Ani – avoiding an appearance at the auction block.

“It was very last minute,” said Wilson. “We got the approval, but we had hoped to have it weeks prior to Monday.”

Earlier this year, Wilson’s of Wickford and Alex & Ani announce a “strategic partnership” between the two companies whereby Alex & Ani would buy the building from Wilson’s patriarch Paul Wilson. Half the building, where the men’s department is currently located, will open next year as Teas and Javas – Alex and Ani’s new chain of coffee shops. Teas and Javas will serve gourmet beverages and local delicacies, becoming the company’s third location. The other half will remain as Wilson’s of Wickford. Though the building will be owned by Alex & Ani, the retail business itself will remain in the hands of the Wilson family.

Last year, the store was on the verge of foreclosure after Paul Wilson (now former owner of the building) fell behind on his mortgage payments with Washington Trust in 2009. The bank appraised the property for just less than $2 million in December 2010. The mortgage is for less than $700,000, according to the Wilsons. The Wilsons say the bank has “aggressively” pursued foreclosure on the property. To safeguard the business from the foreclosure, Paul Wilson filed for Chapter 11 bankruptcy – staving off an auction just hours before it was set to commence.

Almost one year to the day, the Wilsons avoided another auction this week at the 11^th hour.

According to Craig Wilson, both Wilson’s of Wickford and Alex & Ani are expected to close the sale next week. After that, Wilson is hopefully that things will star to be “set in motion” and a timetable for construction will be established.