July 10, 2020
Seattle-based Sur La Table plans to close 56 of its 121 stores as part of a Chapter 11 bankruptcy filing, largely due to impacts stemming from the COVID-19 pandemic. The privately-held retailer plans to execute a restructuring and going-concern sale of the company, which is subject to Court approval.
Sur La Table also indicated it agreed to sell the remaining stores to affiliates of New York-based Fortress Investment Group, which is working in partnership with STORY3 Capital Partners. The new investors bring capital and deep consumer expertise, which it believes will empower Sur La Table to unlock significant growth opportunities. Following the sale, the company will include its successful retail stores, popular in-person and online cooking classes, and its thriving eCommerce business.
Jason Goldberger, CEO of Sur La Table says, “This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment.”
The cookware and kitchen chain got its start in Seattle’s Pike Place Market in 1972.
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