RAPAPORT...  Retailer Robbins Brothers completed the sale of its assets to a new legal entity called Robbins Brothers Jewelry. The court-approved sale enables the Robbins Brothers chain in California and Texas to continue operations after emerging from Chapter 11 reorganization. The chain sold off some Texas stores and certain assets in Illinois to Spence Diamonds during the bankruptcy process.

"This has been a humbling experience and an emotional rollercoaster for all involved. During this process, we faced some incredibly difficult decisions and made hard choices, in the spirit of ensuring the future for this wonderful company that has existed for nearly 90 years," stated Andy Heyneman, president and chief executive officer (CEO) of Robbins Brothers. "Internally, we have restructured the expense and cost structure of the business; it's this kind of prudence that will enable us to prosper in the face of a difficult economy today and grow in the future when the time is right."

John Berg, a majority shareholder representative, said, "Robbins Brothers provides a unique business model, and its passion for the soon-to-be engaged customer is unmatched. We look forward to partnering with management for the long term."

NC