Lubners bidding on Robb & Stucky intellectual assets
Clint Engel -- Casual Living, April 27, 2011
Former Robb & Stucky chief Clive Lubner is part of a group bidding on the intellectual assets of the fallen retailer here.
According to court documents, the Lubner Family Partnership made an initial offer to buy the intellectual property - including trademarks, domain names and customer data - for $125,000. Clive Lubner, former managing partner of Robb & Stucky, is affiliated with Lubner.
Robb & Stucky "determined that it is in the best interest of its estate," to sell the intellectual rights to the Lubner group, a court document said. But to ensure the highest and best offer, Needham, Mass.-based advisor Streambank was retained as exclusive agent to market the assets.
A hearing on bidding procedures is set for May 3 and bids are due by May 24. David Peress, a principal in Streambank, estimated the initial value range "in the low to mid six figures," for the property, and said, "Robb & Stucky offers a unique opportunity to existing furniture retailers and manufacturers looking to connect with a high-end design-conscious customer."
He said the intellectual property includes trademarks for Robb & Stucky and Robb & Stucky Interiors, Web URLs and customer data including names and addresses of some 480,000 customers.
Dan Lubner, who was president of the high-end retailer's hospitality division and a spokesman since the 96-year-old Top 100 company filed for Chapter 11 bankruptcy Feb. 18 and began liquidation sales, said the partnership includes Dan and father Clive Lubner, but declined additional comment until a sale is completed.
Separately, Woodland Hills, Calif.-based GA Keen Realty Advisors, a division of liquidator and appraisal specialist Great American Group, has been hired to help market and dispose of 24 Robb & Stucky physical properties.
The majority of the lease-held former retail properties, which range in size from 5,000 square feet to 324,000 square feet, are in Florida, with others in Arizona, North Carolina, Nevada and Texas. GA Keen also is marketing a debtor-owned property on South Tamiami Trail in Bonita Springs, Fla., which includes a 34,524-square-foot showroom building on a two-acre site, the company said.
"We expect some strong interest among other retail companies that are expanding and looking for space similar in size to these vacated properties," said Matthew Bordwin, co-president of GA Keen. "Also, given the variation of showrooms and retail outlets Robb & Stucky operated, there is a wide variety of retail space to choose from."