Robbins Bros. Corp., the Azusa-base chain of self-proclaimed "World's Biggest Engagement Ring Stores," has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware.

According to court documents, the 16-store chain has $66 million in assets and $77 million in liabilities. Robbins Bros. has more than 1,000 creditors. The company filed for bankruptcy protection on Tuesday.

The company plans to sell itself in two parts: Spence Diamonds Inc., a Canadian jewelry manufacturer, has entered an agreement to buy some of Robbins Bros.' stores in Illinois and Texas; and Weston Presidio Capital IV LP, which already owns 40 percent of the company, will purchase the remaining assets.

Robbins Bros. has retained law firm Pachulski Stang Ziehl & Jones LLP to handle its restructuring. The same firm also represents Circuit City Stores Inc. in its bankruptcy proceedings.

-

For reprint and licensing requests for this article, CLICK HERE.