Robbins Brothers, a leading engagement and wedding ring retailer with freestanding destination stores in Southern California and Texas, announced that it has completed a sale of its assets to a purchaser owned and controlled by a significant equity holder of the company. The sale, which was approved by order of the United States Court for the District of Delaware, closed on May 20, 2009.
The acquisition of the company by a new legal entity, Robbins Brothers Jewelry, Inc. will enable the Robbins Brothers team to continue its number one priority: to love the customer and to offer consumers high quality products, exceptional value and unique engagement and wedding planning services.
"This has been a humbling experience and an emotional rollercoaster for all involved. During this process we faced some incredibly difficult decisions and made hard choices in the spirit of ensuring the future for this wonderful company that has existed for nearly 90 years," stated Andy Heyneman, President and CEO of Robbins Brothers.
"While we are all excited at the future prospects for Robbins Brothers, for now we are going to move ahead in a very careful manner. Internally we have restructured the expense and cost structure of the business; it's this kind of prudence that will enable us to prosper in the face of a difficult economy today and grow in the future when the time is right."
"The thing we will not change is our commitment to offering our customers the best possible experience at such an important time in their lives," said Mr. Heyneman.
"We are energized and excited to continue helping couples in love achieve their engagement dreams. It's a promise we made a long time ago and will continue to uphold. I am particularly grateful for the support that we have received from our customers, vendors and lenders and the hard work and passion that our employees provide everyday."
"Robbins Brothers provides a unique business model and its passion for the soon-to-be engaged customer is unmatched," said John Berg, representative of the majority shareholder of Robbins Brothers Jewelry, Inc. "We look forward to partnering with management for the long term."
About Robbins Brothers:
Headquartered in Azusa, California, Robbins Brothers operates 10 destination stores in Southern California and Dallas/Ft. Worth, Texas. The company provides extensive product education, exceptional value and unique engagement and wedding planning services. Its singular focus on engagement rings allows Robbins Brothers to deliver an unparalleled selection of styles including designer collections by Simon G., Jeff Cooper, Tacori, Scott Kay, Ritani, A Jaffe, Coast Diamond, Memoire, Solana, Vivant, Bridget and JB Star. For more information, please visit http://www.robbinsbros.com or call 800.295.1543.
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