Upscale furniture retailer Robb & Stucky, a top player in the Valley's interior design arena for 20 years, will liquidate its inventory and close, according to a plan approved Tuesday by the U.S. Bankruptcy Court in Tampa, Fla.
The company operates a showroom at 15440 N. Scottsdale Road in Scottsdale and filed for Chapter 11 bankruptcy protection last month.
The company was unable to come up with viable plan for continuing in business, though, and on Tuesday the Bankruptcy Court approved the sale of the business to a liquidation company for $30 million.
The buyer, Hudson Capital Partners, plans to shortly start liquidation sales at the stores as soon as the deal closes. The stores could close for good by summer.
The deal makes no provision for returning some $10 million in deposits to thousands of customers who bought furniture from Robb & Stucky before the bankruptcy filing.
A Robb & Stucky spokesman said customers can file a claim with the bankruptcy court or work with their credit card companies to erase the charges.
The Florida-based company currently operates 15 stores in Arizona, Florida, Texas and Nevada and has about 750 employees.
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