Azusa, Calif.—Robbins Brothers’ management has bought back the company after selling it during bankruptcy proceedings in 2009.
At the time, the company had $66 million in assets and $77 million in liabilities, and more than 1,000 creditors.
As part of the proceedings, the company split itself into two parts to sell.
It sold some of its stores in Illinois and Texas to Canadian jewelry company Spence Diamonds. Weston Presidio Capital IV, which already owned 40 percent of the company at the time, purchased the remaining assets.
The leadership team at Robbins Brothers, with the help of Main Street Capital Corporation and its co-investors, gathered the funds to buy the company back from Comvest Partners via a mix of first-lien, senior secured term debt and a direct equity investment.
was founded in 1921 as a family business, opening its first store in Seattle and later branching out to California and beyond.
The current leadership team includes CEO Marc Friedant, Vice President of Stores Mark Pimental, Vice President of Merchandising Susan Davidson Hopeman, and Vice President of Marketing Kris Land.
“Robbins Brothers differentiates itself through its unwavering dedication to superior services, best-in-class selection, a comforting ambience and a steadfast commitment, which results in attractive unit economics,” said Diego Fernandez, managing director at Main Street, in a press release about the buyout.
The company said it will host in-store and online initiatives to drive sales growth and improve profitability.
“The company successfully navigated the challenging early stages of the pandemic and emerged with exciting same-store sales and profitability performance, while setting the stage for our future growth initiatives,” said Robbins Brothers President and CEO Marc Friedant.
Robbins Brothers operates 15 stores in Arizona, California, Texas, and Washington.
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