Wilson’s of Wickford, Alex & Ani Close Deal

It’s official. The sale of the Wilson’s of Wickford building to Alex & Ani closed Wednesday afternoon, according to Craig Wilson.

The deal marks the start of a . Though the jewelry juggernaut has bought the property on Brown Street from Paul Wilson, the longtime specialty clothing shop will still remain in the village. The store will be consolidated to one half of the building while the other side will open 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.

It’s been an emotional roller coaster for the Wilsons this month, after the store narrowly avoided another bout on the auction block. The day before the scheduled auction, the court finally approved the sale of 35 Brown Street to Alex and Ani. Last year, the store 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.

With the closing of the sale, the Wilsons say they’re looking forward to starting a new chapter in 2013 when renovations to the store are expected to begin.

“We’re going to see significant changes after the first of the year,” said Craig Wilson. “I don’t really know what Alex & Ani’s timetable is, but I know they’ll do it intelligently and do it right.”