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.
Stories You May Also Be Interested In
- Robbins Bros. Rings Up Purchase of Washington Stores
- But Will Customers Say Yes?
- Roadside Assistance
- Lords of the Rings
- BANKRUPTCIES --- Bankruptcy Lawyers Hate Good Times
- Wherehouse Looks for Path Out of Bankruptcy
- Weinstein Co. Files for Chapter 11 Bankruptcy
- Pacific Energy Resources Files for Chapter 11