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Sur La Table in Pasadena has announced it will be closing sometime over the next month or two as it’s parent company filed for Chapter 11 protection.
Court documents show the Seattle-based kitchen supply retailer intends to close 51 of its 121 stores nationwide, and is looking into selling the other 70 locations, USA Today reported. The bankruptcy was filed Wednesday.
The business’s website on Thursday stated that the store at 161 W. Colorado Blvd. would be closing permanently in “August or September.”
The voluntary restructuring is meant to put the company on a stronger financial footing moving forward, according to CEO Jason Goldberger.
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment,” he said in a written statement. “Sur La Table will have a balance sheet and retail footprint optimized to position the Company for a bright future that continues our nearly 50-year tradition of offering high-quality cooking products and experiences to our customers.”
Sur La Table has entered into a “staking horse” asset purchase term sheet with Fortress Investment Group, according to Sur La Table.
“Fortress is working in partnership with STORY3 Capital Partners, who together bring capital and deep consumer expertise which will empower the Company to unlock significant growth opportunities,” according to the Sur La Table statement.
“Following the sale, the Company will include its successful retail stores, popular in-person and online cooking classes, and its thriving eCommerce business,” the statement said. “Sur La Table believes that it is exceptionally well positioned to thrive in the post-COVID-19 world, as food, cooking and in-home entertainment continue to capture increasing mindshare of consumers, and as such, this strategy is in the best long-term interests of its employees, customers, and vendors.
The bankruptcy case is being heard in the U.S. Bankruptcy Court for the District of New Jersey. Additional details are available online.
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