Patio.com acquires Offenbachers leases
February 9, 2017,
Connecticut-based casual retailer Patio.com has begun the process of acquiring the leases for Offenbachers stores in Maryland and Virginia following the venerable casual retailer’s October 2016 bankruptcy.
It is unclear yet whether these stores will operate under the Offenbachers name, pending resolution of U.S. Bankruptcy Court proceedings. Patio.com already operates brick-and-mortar retail locations in Connecticut, New York, Pennsylvania, Maryland, Virginia and Florida.
Offenbachers filed for Chapter 11 bankruptcy on Oct. 25, 2016, according to documents filed with the U.S. Bankruptcy Court. The filing came two years after Antson Capital Partners LLC acquired the business from founders Karl and Alpana Offenbacher.
See Related Article: Offenbachers Files for Bankruptcy
Ross said his company has hired 18 Offenbachers employees to run the Fairfax and Rockville stores, and they plan to bring on additional Offenbachers staff once leases are secured in other locations.
“We’re so glad we’re able to get so many skilled and talented team members, some with 30 years in the industry,” Ross said.
Ross said Patio.com plans to keep a lot of the same brands carried by Offenbachers, but will cut costs for the stores by using their existing Connecticut distribution center, which already services the company’s locations in Tysons Corner, Virginia, and Rockville, Maryland. “
From a consumer standpoint, they will probably see lower prices because of the reduction of distribution costs and a reduction of overhead costs,” Ross said. “The service will be a little faster, we believe, because even though the deliveries are coming from Connecticut, we run trucks overnight so if you order something on Monday, you can get it on Tuesday.”
Patio.com also plans to integrate the new brick-and-mortar locations into its online operation. “We want to offer the largest variety and easiest access to product for consumers,” Ross said.
See Related Article: Retailer Offenbacher Aquatics acquired by Antson Capital Partners
In addition to the lease acquisition, Offenbachers is seeking approval from the U. S. Bankruptcy Court to sell its customer lists and sales information to National Spa and Patio, LLC/Home Escapes by Spas East or the highest bidder, according to a notice on the Offenbachers website. This case is set to be heard on Monday, Feb. 13.
Patio.com is an online and brick-and-mortar outdoor furnishings and accessories retailer, with 11 retail outlets along the East Coast.
Related Content By Author
Exclusive Interview with New Pride Family Brands CEO