Robbins Brothers Plan Goes Through
There are two new owners of Robbins Brothers, the company just got confirmed to me.
The company’s re-org plan has basically unfolded the way it was originally envisioned, with "Robbins Brothers Jewelry" (an affiliate of investment firm Weston Presidio) taking most of the chain, and Canada’s Spence Diamonds taking the Houston and Chicago assets. However, it appears, based on the comments we’ve gotten and what my sources tell me, at least some of the Chicago stores will be closed.
There was originally talk of a second bidder getting involved. However that bidder never showed up, clearing the field for Weston Presidio.
A release is apparently coming in the next day or so, and we’ll post it on the main site. Best of luck to everyone at Robbins Brothers.
BriBri83 commented:
Diamond Guy: Your comments are ridiculous; Robbins Brothers was and
still is an awesome company. Yes, they have had issues with the
economy as have other companies, but they're still pulling in
decent business and treat their clients with the utmost care and
respect which is something I have not found in jewelry stores I
have visited.
Rob Bates commented:
Hey guys ... I just interview the President and CEO of Robbins
here: jckonline.com/blog/870000287/post/1880044988.html. And yes,
Steve, is no longer involved in the company. I think the hedge fund
thing gives everyone pause, given their track record in this
business, but companies don't have too many options these days. In
general I came away from the interview feeling pretty good about
the company's future. We'll have to see ..
Bob Siragusa commented:
WOW!!! I appreciate your info Diamond Guy.
Jon Parker, DJP Executive Search commented:
Man, that's a terrible shame. Steve and Skip put allot of blood,
sweat and tears into buiding that business and it really was
awesome to see it in action. Any chance of them teaming up in the
future to try something else?
Diamond Guy commented:
Neither are still involved and the same people who ran it quickly
into the ground will run it right back there. Steve was pushed out
during this recent calamity and Skip publicly distanced himself
from the company in recent blogs etc... (his stores in the Seattle
area once serviced Robbins Bros. customers but he will no longer
touch them). The company is Robbins brothers in name only. It is
now operated by a hedge fund and a group of short sighted managers.
Good luck to all involved. You will need it.
Bob Siragusa commented:
I agree with Jon Parker and it is due to Skip and Steve Robbins
over many years. I believe Steve has been the main person in charge
in recent years and will be the one running the company in it's new
set up. And will bring it back 100%
Jon Parker, DJP Executive Search commented:
the only reason the firm went south is expanding too rapidly. The
store's concept and format are excellent and its sales strategy
will need to be followed to the letter if it's to survive. Is Steve
still involved?
