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Mitchell Gold + Bob Williams

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Mitchell Gold + Bob Williams
Company typeFurniture store
IndustryRetail
Founded1989; 35 years ago (1989), Taylorsville, North Carolina
FounderMitchell Gold
Bob Williams
DefunctAugust 26, 2023 (2023-08-26)
FateLiquidation
HeadquartersTaylorsville, North Carolina,
U.S.
Number of locations
0 (2023)
ProductsFurniture
OwnerIndependent (1989-1998, 2002-2014)
Rowe Furniture (1998-2002)
The Stephens Group, LLC. (2014-2023)

Mitchell Gold + Bob Williams (formerly known as Mitchell Gold) was an American company based in Taylorsville, North Carolina, that specialized in developing and manufacturing furniture. At the time of its closing in 2023, the company had 3 plants and 24 signature locations in the United States, with the first one opening in 2007. In August 2023, Mitchell Gold + Bob Williams announced that it would be permanently shuttering its operations after nearly 35 years. [1]

History

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Founders Mitchell Gold and Bob Williams first founded the company back in 1989 as a small upholstery company in Taylorsville, North Carolina. Gold, who was originally a former furniture buyer at Bloomingdale's, was the frontman whose corporate uniform included a denim shirt and Gucci loafers. Williams, who was originally a graphic artist who designed the line, could drill down on what shoppers were looking for.[2]

In the early 1990s, the founders purchased an existing factory in Taylorsville, and had one of the first factories in the state of North Carolina with air conditioning. They had other developmental plans inside the factory, including a on-site gym, a health clinic, a child-care center with child-size club chairs and denim sofas, and a personal chef to make seared salmon with mango salsa in the employee cafeteria.[1]

In 1998, the company was sold to Rowe Furniture in a deal that would allow them to keep managing the business as normal, mainly due to the fact that the founders had a strong role in being part of the LGBTQ+ community, which risked both founders of inheritance taxes if one of the founders were to die, which could have driven the company to bankruptcy. In 2002, Gold and Williams bought back the firm with a group of New York investors, and changed the company's name to "Mitchell Gold + Bob Williams" in effort to reflect the contributions of both founders.[3][1]

In 2007, Mitchell Gold + Bob Williams opened their first furniture showroom store in Washington, D.C. at 14th Street NW, near Logan Circle. The company quickly expanded to around 25 showrooms during the remainder of its lifetime before shutting down abruptly in August 2023.[1]

In late 2014, Mitchell Gold + Bob Williams was sold to The Stephens Group, which was a family-run private equity firm which mostly owned tech and industrial brands and holdings. The company retains equity in furniture and electronics store chain Conn's.[4]

On August 26, 2023, Mitchell Gold + Bob Williams announced that it would be permanently ceasing all operations effective immediately, and would be permanently shuttering its 3 plants and factories, its 24 furniture showrooms and outlet stores, and its corporate headquarters in Taylorsville. The company stated it was unable to obtain additional financing to continue operating. All employees were terminated effective almost immediately after the closure was announced. On August 31, 2023, The Stephens Group put Mitchell Gold + Bob Williams into Chapter 11 bankruptcy in the United States District Court for the District of Delaware after the closure announcement.[5][6] On October 7, 2023, a court judge ordered Mitchell Gold + Bob Williams to convert its Chapter 11 bankruptcy into a Chapter 7 bankruptcy liquidation.[7] On November 2, 2023, however, Mitchell Gold + Bob Williams reached an agreement with Ryder to send a letter to customers of the company to pay for their delivery to receive remaining supply of furniture they have in their warehouses. Any customers who paid delivery service for their furniture was removed from MGBW's bankruptcy proceedings.[8]

References

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  1. ^ a b c d "Legendary furniture brand Mitchell Gold + Bob Williams closes its doors". The Washington Post. August 28, 2023. Archived from the original on August 28, 2023. Retrieved August 31, 2023.
  2. ^ "Mitchell Gold + Bob Williams shutters abruptly". Business of Home. August 27, 2023. Archived from the original on August 31, 2023. Retrieved August 31, 2023.
  3. ^ "Rowe Furniture Corp. to Purchase Mitchell Gold for Initial $13 Million". The Wall Street Journal. September 28, 1998. Archived from the original on August 30, 2023. Retrieved August 31, 2023.
  4. ^ "Mitchell Gold + Bob Williams acquired by The Stephens Group". The Stephens Group. January 9, 2015. Archived from the original on August 30, 2023. Retrieved August 31, 2023.
  5. ^ "Furniture store Mitchell Gold + Bob Williams is shutting down". CNN. August 29, 2023. Archived from the original on August 30, 2023. Retrieved August 31, 2023.
  6. ^ "Stephens Group Puts Owner of Furniture Maker Into Bankruptcy". Bloomberg Law. August 31, 2023. Archived from the original on August 31, 2023. Retrieved August 31, 2023.
  7. ^ "Mitchell Gold + Bob Williams goes into liquidation". Business of Home. October 7, 2023. Retrieved November 2, 2023.
  8. ^ "Popular retailer in Chapter 7 bankruptcy has good news". The Street. November 2, 2023. Retrieved November 2, 2023.
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