The Stephens Group LLC of Little Rock on Tuesday confirmed reports that Mitchell Gold + Bob Williams of Taylorsville, North Carolina, a luxury furniture brand owned by the equity firm, is shutting down.
The Stephens Group purchased the furniture company, named for its two co-founders, in 2014. The company, which launched in 1989, had more than 25 retail locations across the U.S. and multiple production facilities in North Carolina. It employed more than 500 people.
Social media posts show that workers at the furniture maker’s facilities in North Carolina showed up over the weekend and found a note saying the company had “recently and unexpectedly learned that we are unable to continue business operations.” CEO Chris Moye, who was hired in April, reportedly said in a letter to employees that “the current economic climate has presented significant challenges to the furniture industry.”
In a statement, The Stephens Group said it invested $20 million in a recent restructuring of Mitchell Gold + Bob Williams, but the furniture maker’s lender withdrew its support afterward. That forced the company to shut down.
“Throughout our history, we have been able to help many companies unlock their value and succeed in the marketplace,” the Little Rock firm said. “While we do everything we can to support our portfolio companies, how their stories play out are not always fully within our control.”
The Stephens Group said that over the years, it worked closely with Mitchell Gold + Bob Williams as it released new collections, collaborated with various designers and designed “unique pieces that are used with love in homes all across the world.” The company was a supplier to other retailers, including Williams-Sonoma and Pottery Barn.
“The Stephens Group knows that [Mitchell Gold + Bob Williams] has done the best it could in a very challenging situation and empathizes with all those who are impacted,” the statement says.
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