Seattle — Sur La Table, a leading retail destination since 1972 for those passionate about cooking and entertaining, has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to restructure and sell 70 stores to Fortress Investment Group. According to The Wall Street Journal, Sur La Table will close its remaining 51 stores.
Sur La Table has entered into a stalking horse asset purchase term sheet with affiliates of Fortress Investment Group, which is working in partnership with STORY3 Capital Partners to buy up to 70 Sur La Table stores, according to reporting by The Wall Street Journal.
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment,” says Jason Goldberger, CEO of Sur La Table. “Sur La Table will have a balance sheet and retail footprint optimized to position the company for a bright future.”
As of July 4,2020, 121 Sur La Table stores across the country have safely reopened. The company expects to be able to maintain operations during the Chapter 11 process. Cole Schotz, P.C. is restructuring counsel and SOLIC Capital is financial advisor and investment banker. Omni is serving as the claims agent. Great American Group LLC and Tiger Capital Group LLC will conduct the closing sales at those 51 stores.
Founded by Shirley Collins, Sur La Table first opened in Seattle’s Pike Place Market in 1972. Its resident chefs teach 60,000 cooking classes a year to more than 700,000 people in its kitchens and now online. With 121 stores across the U.S. and many local cooking schools, Sur La Table is a resource for cooks of all levels.
SOURCE: Sur La Table