Silpada to Close at End of July
Teresa Walsh and Bonnie and Jerry Kelly founded Silpada in 1997. Silpada became one of the largest party plan sellers of jewelry in North America. The founders sold Silpada to Avon Products in 2010 for $650 million, and repurchased it three years later for $85 million.
A statement by Andrea Carroll, Silpada's vice president of design, said that the company has not been profitable since 2010. Contributing factors included fewer home parties being booked and the trend toward online shopping. Silpada representatives will have until July 31 to sell products and earn commission. Many of the company's 200 employees at its headquarters have been let go, with some remaining to liquidate inventory through the end of the year.
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Silpada to Close at End of July
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