After filing bankruptcy last month with more than $60 million in debt, furniture retailer Robb & Stucky will announce its plans to liquidate by the week's end.
The liquidator Hudson Capital agreed to pay $30 million for the company, which amounts to 75% of the value of its inventory. It is projected that $13 million owed to Robb & Stucky customers and vendors will not be repaid.
Liquidation sales begin immediately in its dozen stores, and the 30 facilities and 1300 employees will close doors by the end of summer, according to a report.
Founded in 1915 in Fort Myers, Fla. as a one-store general merchandise emporium, Robb & Stucky operates facilities in Florida, Texas, Arizona, North Carolina, and Nevada.