- Luxury kitchenware chain Sur La Table has filed for Chapter 11 protection, becoming the latest in a growing line of retailers filing for bankruptcy amid the coronavirus pandemic.
- The company is reportedly working on a sale with Fortress Investment Group, which recently made an acquisition of burger chain Krystal.
- “This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment,” Jason Goldberger, Sur La Table’s chief executive, said in a statement.
- Visit Business Insider’s homepage for more stories.
High-end kitchenware chain Sur La Table is the latest retailer filing for bankruptcy following temporary store closures amid the pandemic.
The Seattle-based luxury kitchen retailer said on Wednesday it plans to continue operations of successful stores, in-person and online cooking classes, and its e-commerce business.
The privately-held brand has closed over 50 stores, according to the company’s FAQ page.
It filed for bankruptcy after contemplating the “rationalization of its national store footprint” and some store closures in the current retail environment.
The news comes after the company permanently laid off roughly 20% of its staff last month.
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment,” Jason Goldberger, CEO of Sur La Table said in a statement.
Sur La Table reportedly plans to sell 70 stores to California-based Fortress Investment, which recently acquired burger chain Krystal.
The company is known to offer cooking classes at its retail stores, but those will be shifted to only certain locations and its digital platform.
After temporarily closing stores in March, the retailer reopened 121 stores across the country on July 4.
Sur La Table operates stores across the Bay Area, including San Francisco, Berkeley, Walnut Creek, and San Jose. It was established in 1972 and has been owned by private-equity firm Investcorp since 2011.
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