Tampa Bay Business Journal/ Robb & Stucky liquidation begins Friday

March 11, 2011

SUMMARY

Robb & Stucky will kick off a liquidation sale Friday at its 20 stores in Florida, Texas, Arizona and Nevada.

Read more: Robb & Stucky liquidation begins Friday | Tampa Bay Business Journal The furniture retailer, which based in Fort Myers, is going out of business after more than 95 years.

It filed for Chapter 11 bankruptcy protection last month in U.S. Bankruptcy Court for the Middle District of Florida.

Earlier this week, a judge approved the company’s sale to a professional liquidation firm.

At an auction Monday, Hudson Capital, in a joint venture with Hyperams LLC, offered the highest bid for the company. It is serving as liquidation agent.

The company said in a statement that inventory, valued at $90 million, will be sold at significant discounts. 

The company blamed its demise on the recession, high unemployment and low demand for housing in the markets it serves.

It listed $139.7 million in revenue in 2010 and $83.3 million in revenue for the seven months ended Jan. 31.

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