New owner plots revival of Shreve's

David Walker scooped up more than $4 million in jewels and antiques over the past few weeks as he crisscrossed the country on a buying spree unlike anything he's ever done before.

Walker, who owns Chestnut Hill jeweler David Walker & Co., admits he may have gone a tad overboard. But the 50-year-old Wellesley native needs to take chances, given that he's facing the biggest career challenge of his life: restoring the luster to Shreve, Crump & Low, the Boston icon that unraveled last year.

"I want to make Shreve's the premier jeweler in America," Walker said. "We're giving Shreve's a major makeover. It's time for a comeback."

Walker, a second-generation jeweler, has laid out an ambitious plan to revive the storied company that traces its roots back to a 1796 store across the street from Paul Revere's silversmith shop in what is now Downtown Crossing. After buying the business out of bankruptcy in October, Walker quickly went into action, hiring architects to develop a look for Shreve's two stores, including the Boston flagship that opened in late 2005 after $7 million in renovations.

Shreve's downward spiral was blamed in part on the pricey new Boylston Street store that featured a two-story Steuben glass sculpture and modern jewelry that turned off even the store's most loyal customers. The business, which also has a Chestnut Hill location, suffered two tumultuous years that included the firing of its chief executive, layoffs of dozens of employees, and ultimately, the filing last fall for bankruptcy court protection -- the second time in just over a decade.

It's unclear how forgiving Bostonians will be toward Shreve's, which built its name serving the city's high society, and whether the damage to the company's reputation can be undone.

"It's going to be a tough battle, but if they do things right and focus on the right quality merchandise and bring the right people back, this can be done," said Craig Rottenberg , president of rival Long's Jewelers, who was in discussions to buy the company last summer before it filed for bankruptcy. "But it's going to be a challenge."

After liquidators held a sale to clear out the old Shreve's inventory, Walker shuttered both stores at the end of January for renovation. When the Chestnut Hill store reopens next week and the Boston location in April, Walker hopes customers will recognize a more intimate and traditional Shreve's, like the way it used to be years ago.

Over the past few months, Walker has amassed more than $10 million in inventory, traveling from New York to Miami to Tucson to purchase merchandise and smooth out relationships with vendors who lost money when Shreve's filed for bankruptcy court protection.

The major renovations are slated for the Boston store, which will be consolidated from two floors to one, with lower ceilings, Tuscan yellow walls, mahogany wood counters, and a doorman to greet customers at its new entrance directly on Boylston Street. The Chestnut Hill location will also have yellow walls -- replacing a drab taupe -- and warmer wood tones throughout.

At the Boston store, Walker plans an expanded bridal collection, with designers like Scott Kay, and will bring back antiques and giftware including the signature Gurgling Cod ceramic pitchers (He ordered 11,000 from England to make sure Shreve's never runs out unlike last summer).

Walker will also introduce touches from the business he started 25 years ago. The Boylston flagship will have a private showroom in the vault that will feature high-end pieces like a 5.5-carat cushion cut pink diamond, 10-carat diamond heart earrings, and a replica of the 69-carat pear shaped diamond drop necklace that Richard Burton gave Elizabeth Taylor. Shreve's version, however, will be a mere 15 carats, but will also have matching pear shaped 4.5-carat diamond earrings.

In addition to scouting top-notch merchandise, Walker successfully lured back Shreve's talent, including several top sales employees that left the company as it spiraled downward.

"It was very difficult to leave. But the vision then wasn't the right fit for the city of Boston, and it was so unpredictable about whether or not Shreve's would survive " said Steve Talbot , who worked at Shreve's for 19 years before leaving last year for Tiffany's. "It is easy to come back now because I'm so attached to the institution of Shreve, Crump & Low."

Walker, the first local jeweler to run Shreve's in about 25 years, knows he has a rare opportunity and plans to take the company beyond Boston. He wants to build Shreve's into a national brand with stores in cities such as New York, Chicago, and Palm Beach.

For now, Walker is trying to woo back customers and ensure Shreve's has a future here in Boston. In "The Return of Elegance" advertisements appearing in magazines and newspapers over the next month, Walker says he recognizes that Shreve's is far more than just a store: "It's a historic destination and delivers an experience like no other."

Jenn Abelson can be reached at abelson@globe.com.