Home Law income Cookware retailer Sur La Table goes bankrupt for $ 90 million

Cookware retailer Sur La Table goes bankrupt for $ 90 million

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Sur La Table, the bankrupt high-end kitchenware chain, sold for nearly $ 90 million and has pledged to keep at least 50 stores open, court documents show.

A joint venture between e-commerce investment firm CSC Generation and Marquee Brands overtook the Fortress Investment Group subsidiary’s opening bid in an auction last week, according to court documents and a lawyer for the junior creditors of Sur La Table.

A representative for Sur La Table did not respond to requests for comment, while CSC founder Justin Yoshimura and Marquee did not immediately respond to emails seeking comment. The Wall Street Journal earlier reported the identity of buyers.

Sur La Table, known for its in-store cooking classes and expensive cookware, closed its stores as Covid-19 took over the United States, then filed for Chapter 11 bankruptcy in July.

The company was heading for a full-fledged liquidation until Fortress stepped in with a so-called stalking horse offer, which lays the groundwork for new offers, a company attorney previously said.

Status list of Sur La Table stores in Texas as of August 11, 2020.(Maria Halkias)

The sale has yet to be approved by the bankruptcy court. A successful sale of the channel would save some 2,000 jobs, the company said in previous court documents.

The retailer, founded in 1972, had 121 stores in the United States when it filed for bankruptcy, according to a statement at the time.

CSC Generation was founded in 2016 and has since bought the intellectual property of the bankrupt Bon-Ton Stores department store chain and Z Gallerie decoration chain. Marquee is a brand management company owned by investor funds managed by Neuberger Berman.

Jeremy Hill, Bloomberg.

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