Mitchell Gold Acquired After Stunning Bankruptcy
The Mitchell Gold Co. found a buyer after its sudden shutdown and bankruptcy sent the upscale luxury home decor chain into a tailspin just a few months ago.
Surya, a Cartersville, Ga.-based home furnishings firm hat specializes in rugs, textiles, lighting, furniture and decor, has acquired Mitchell Gold + Bob Williams (MG+BW) assets including intellectual property, some inventory and its manufacturing facilities. In a statement, Surya said it plans to relaunch MG+BW as a “trade-only partner, accessible to leading interior designers and design-driven retailers.” This means consumers won’t be able to shop and purchase from the brand directly.
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“We are dedicated to restoring MG+BW to its former glory and beyond, and we look forward to redefining the standards of excellence in the home furnishings industry,” Surya president Satya Tiwari said. “Our acquisition of the MG+BW brand reiterates our ongoing commitment to serve the design community as a complete resource for home furnishings.”
Mitchell Gold, who co-founded the pricey label, will serve as an advisor to Surya. “After navigating through unsettling times, I now see a promising next chapter for the brand we built over 30 years,” he said. “Surya’s deep understanding of the market, alignment with our design philosophy, and proven track record to drive future success creates a winning formula. I am enthusiastic about supporting them in any way I can.”
Surya plans to reboot manufacturing and assembly operations at MG+BW’s facilities in Taylorsville, N.C., with the goal of shipping MG+BW products in the first quarter of 2024. It wasn’t immediately clear how many of MG+BW’s former workers might be rehired. Surya, which began as a supplier of textile art via hand-knotted woven rugs, has been a frequent flier on the Inc. 5000 list of the America’s fastest-growing private companies.
In another development in the bankruptcy case, Ryder Last Mile Inc. received court approval to begin shipping items it has held in storage to customers. A court document revealed that Ryder is storing more than 2,000 separate items of furniture manufactured by MG+BW in several U.S. warehouses. But customers who have paid in full for their undelivered items and have not requested a refund or credit are expected to pay additional delivery and storage charges that were incurred by the shipping firm.
Other furniture companies are benefitting from Mitchell Gold’s misfortunes.
Haynes Furniture, which also owns The Dump Luxe Furniture Outlets, a retail chain selling home goods closeouts, overstocks and samples, recently got ahold of unsold Mitchell Gold inventory. The Dump’s six stores in Atlanta, Chicago, Dallas, Houston, Phoenix, and Virginia will carry Mitchell Gold furniture, rugs, mattresses, lighting, and home accents at up to 80 percent less than original MSRPs. The merchandise will arrive in “most” of the stores in time for Black Friday. Virginia-based Haynes Furniture will also stock the Mitchell Gold inventory in its Newport News, Richmond and Virginia Beach stores.
“This is an incredible opportunity for our customers to access the exclusive designs and impeccable quality of Mitchell Gold + Bob Williams at prices that make luxury truly affordable,” said Randi Strelitz, chief merchant and director of The Dump Luxury Outlets and Haynes Furniture. “This move lies at the heart of our brand and merchandising strategy — our core belief that luxury should not be reserved for the privileged few.”
Strelitz continued, “We take pride in being the trusted, go-to partner for luxury brands, turning industry challenges into opportunities and delivering exceptional value to our customers.”
Additional reporting by Jessica Binns.
