AGOURA HILLS, Calif., March 2, 2011 /PRNewswire/ -- Working in association with Buxbaum Jewelry Advisors, New York-based Surya Capital recently purchased the inventory of well-known Philadelphia jeweler Robbins Diamonds' flagship store at a sealed bid auction. The inventory of loose diamonds and diamond jewelry was valued at approximately $1.6 million at cost.
Leo Robbins & Sons, Inc., which operates under the Robbins Diamonds name, filed for Chapter 11 bankruptcy protection in December 2009. At the time of the filing, the company operated four stores, including the flagship at Eighth and Walnut Streets in Philadelphia's Jewelers Row district, and branches in Allentown, Pa.; Hamilton, N.J.; and Newark, Del. The Hamilton location was subsequently closed, followed by closures of the flagship and Allentown stores last month. Robbins continues to operate the Newark superstore. The company's roots date back to the 1920s, with the flagship at Eighth and Walnut unveiled in 1952.
"We were pleased to bring Surya Capital to the table to help out the estate of Robbins by paying top-dollar for this quality inventory," said Stevan Buxbaum, president of Agoura Hills, Ca.-based Buxbaum Jewelry Advisors.
About Buxbaum Jewelry Advisors/Buxbaum Group
Buxbaum Jewelry Advisors has assembled a team of jewelry professionals that have provided wholesale and retail jewelers with financial solutions for more than 20 years. It offers a wide range of services to meet the needs of both profitable and financially distressed jewelry retailers and wholesalers. The company is an affiliate of Agoura Hills, Calif.-based Buxbaum Group, which has built its reputation for more than 30 years as one of the leading liquidators of consumer products and appraisers of retail and wholesale inventories across North America, as well as a prominent distressed-debt advisory services investing firm.
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SOURCE Buxbaum Jewelry Advisors