Robb & Stucky Limited LLP, (“Robb & Stucky”), one of North America’s largest design-driven home furnishings and interior design companies, announced that it has launched a court process to stabilize its operations and to facilitate a sale of its assets in chapter 11.
“At this time, we are focused on charting a path that will lead us into the future,” said Dan Lubner, Robb & Stucky’s President of the Hospitality Design Division. “We are endeavoring to locate a buyer that will maintain the Company’s brand standards, associates team and strong focus on customer needs and service, with minimal impact on operations and stakeholders.” The Company has entered chapter 11 seeking the approval of an agency agreement for the sale of its assets, subject to the receipt of higher or better offers, including offers to acquire the company as a going concern. As part of the court process, the Company said that it is required to entertain all potential offers that will maximize value for interested parties, including liquidation bids.
The Company said that the difficulties confronting the Company stem from the challenges that have affected many real estate derivative industries since Summer 2007. The home furnishing industry has been among the hardest hit by the significant decrease in consumer spending.
Robb & Stucky said that its doors are open as it navigates the sale process, and it has secured commitments for debtor in possession financing that will be used to fund operations pending the transaction. As part of the filing, the Company sought emergency relief from the Court authorizing uninterrupted payment of employee wages and benefits and for the continuation of customer programs.
The transaction is being facilitated in the United States Bankruptcy Court Middle District of Florida, Tampa Division.
About Robb & Stucky: Founded in 1915 in Florida, Robb & Stucky is an internationally recognized interior design and premier home furnishings retailer with showrooms in Florida, Texas, Arizona and Nevada. Robb & Stucky offers a unique lifestyle shopping experience with an unparalleled collection of fine furnishings and an award-winning ensemble of designers. For further information, visit www.robbstucky.com.