• Clint Engel

Court approves sale of Carls Patio assets

BOCA RATON, Fla. - A U.S. Bankruptcy Court judge has approved the sale of Carls Patio's assets to an investment group tied to the company's previous owner.

According to bankruptcy court records in Delaware, the court approved stalking horse bidder Carls Patio Acquisition's bid to buy the assets for about $4.2 million, including the assumption of certain liabilities. An auction that was scheduled for earlier this month was called off because there were no other qualifying bids.

In a previous release, the Boca Raton, Fla.-based retailer said the acquirer is led by Paul Otowchits, chief operating officer of the 10-store Florida chain, "with investment support from Weinberg Capital Group of Cleveland."

Otowchits will be named president of Carls Patio, the company said.

Carls Patio Acquisition is an affiliate of Weinberg Capital, which in turn is an affiliate of Weinberg & Bell Group. WBG Partners V acquired Carls Patio from Carls Furniture in 2008; it's partially owned by Ronald Weinberg and Daniel Bell of Weinberg & Bell Group.

Clint EngelClint Engel | Senior Retail Editor, Furniture Today

Please feel free to email or call me with all of your retail news and tips, including expansion news, successful merchandising and marketing strategies and anything else you would like to see covered by Furniture/Today.  Contact me directly at cengel@furnituretoday.com or 336-605-1129.

Featured Video

  • Talking Outdoor Trends with Designers Kelli Ellis and Eddie Ross

    Camera Icon More Videos

Exterior Design

Exterior Design

See our new publication!  Exterior Design promises to showcase the best, most innovative product design across all key categories of outdoor.  With a unique vision and a focus on fashion, design, luxury and style, it's a must-see magazine for forward-thinking designers and high-end retailers. See the inaugural issue!

May Digital Edition

Casual Living Digital Edition

Don’t miss the May digital edition of Casual Living and our third installment of the Elements series—Water. Also, contributor Laurie Rudd shares the latest in fashionable fountains and water features. And lastly, designer Libby Langdon shows how adding a little water—fountain, bubble wall or even a peel-and-stick beach scene—can up the ambiance in any showroom. 

Take a moment to subscribe!

May Digital Edition