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San Francisco retail landmark reportedly files Chapter 11

Burdened with debt and falling sales, Gump’s Holdings LLC is the latest department store to file for bankruptcy protection.

The 157-year-old luxury department store, which operates in San Francisco’s Union Square shopping district, filed for Chapter 11 bankruptcy protection late Friday. The company plans to ask the court to approve financing to support it during bankruptcy, according to Bloomberg.

While continuing to find a buyer, Gump’s has also hired liquidators to sell off its merchandise in effort to repay lenders, the report explained.

The company currently has $61 million in assets and $64 million in liabilities, Bloomberg reported.

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