Sur La Table Files for Bankruptcy Protection, Plans to Close Nearly Half of Its Stores. Here's The List.
Jul 09, 2020
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Sur La Table is the latest retailer to file for bankruptcy after temporary store closures related to the coronavirus pandemic.
The Seattle-based luxury kitchen goods retailer filed for Chapter 11 bankruptcy protection Wednesday and announced plans to close 51 of its 121 stores. It is looking to sell up to 70 stores to Fortress Investment Group, according to court documents.
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment," Sur La Table CEO Jason Goldberger said in a news release.
Great American Group LLC and Tiger Capital Group LLC have been hired to conduct the going-out-of-business liquidation sales, which are expected to take eight to 12 weeks.
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Five additional locations already are permanently closed, according to the Sur La Table website.
Sur La Table, which is known for offering cooking classes at some of its stores, will not offer classes at closing locations, it said on its customer FAQ page. Classes will continue at select stores and online.
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The company said the closings are "a result of the financial impact of the COVID-19 crisis," but notes it is "not going out of business" and intends "to create happiness for our customers through cooking and sharing good food for many years to come."
The Lucky Brand, J.C. Penney, Neiman Marcus, Tuesday Morning, GNC and J. Crew have all filed for Chapter 11 in recent weeks. Brooks Brothers also filed for Chapter 11 Wednesday.
Other retailers, who haven't filed for bankruptcy, also plan to shutter locations, including Victoria's Secret, Nordstrom and Signet Jewelers, parent company of Kay, Zales and Jared.