Sur La Table files for bankruptcy with plans to close nearly half its stores
Sur La Table is slashing its store footprint as it seeks to prosper under new ownership.
The nearly 50-year-old, upscale kitchenware retailer said it filed for Chapter 11 bankruptcy protection after considering the "rationalization of its national store footprint and “certain store closures to prosper in the current retail environment.” On its FAQ page, the privately held Sur La Table said it has decided to close over 50 of its 121 stores (see list at end of article). Great American Group LLC and Tiger Capital Group LLC will conduct the liquidation sales, which are expected to last eight to 12 weeks.
“We have filed for Chapter 11 bankruptcy protection to reduce the company’s expenses and recover from the financial impact of the COVID-19 crisis,” the company stated on its FAQ page.
Similar to many other retailers that have cited the pandemic in filing for bankruptcy, Sur La Table was struggling before the current crisis amid heavy competition from Amazon and other online players, along with such traditional chains as Target. While its in-store cooking classes have been a big hit, retail sales had been on a downward track, according to reports.
Sur La Table has arranged a "stalking horse" bid with affiliates of Fortress Investment Group, which is working with STORY3 Capital Partners to bring "capital and deep consumer expertise" to revive the company.
"This sale process will result in a revitalized Sur La Table, positioned to thrive in a post-COVID-19 retail environment," CEO Jason Goldberger said in the 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.”
In its bankruptcy filing, Sur La Table had assets estimated at $10 million to $50 million with liabilities estimated at $50 million to $100 million.
Here is the list of Sur La Table stores that are listed as closing in the company’s filing.
- Birmingham: The Summit at Birmingham
- Chandler: 7131 West Ray Road
- Carmel: Carmel Plaza
- Corte Madera: Corte Madera Town Center
- El Segundo: Plaza El Segundo
- Fresno: The Shops at River Park
- Glendale: Americana at Brand
- La Jolla: 7643 Girard Ave.
- Los Angeles: 1000 Westwood Blvd.
- Pasadena: 161 W. Colorado Blvd.
- San Francisco: San Francisco Centre
- San Francisco: Union Street, 2224 Union St.
- San Jose: 378 Santana Row
- Santa Barbara: 821 State St.
- Santa Clara: Santa Clara Square
- Lakewood: Belmar
- Denver: Cherry Creek North
- Canton: Shoppes at Farmington Valley
- Palm Beach: Downtown at the Gardens
- Pembroke Pines: Shops at Pembroke Gardens
- Alpharetta: 1000 North Point Circle
- Atlanta: Phipps Plaza
- Barrington: The Arboretum of South Barrington
- Northbrook: Northbrook Court
- Oak Brook: Oakbrook Center
- Baton Rouge: Perkins Rowe
- Towson: Towson Town Center
- Boston: Copley Place, 100 Hunnington
- Burlington: Burlington Mall
- Chestnut Hill: The Mall at Chestnut Hill
- Natick: Natick Collection
- Clinton Township: The Mall at Partridge Creek
- Novi: Twelve Oaks
- Edina: 50th and France Shops
- Woodbury: City Place
- Kansas City: Country Club Plaza
- Marlton: Promenade at Sagemore
- Lawrenceville: Quaker Bridge Mall
- Nanuet: The Shops at Nanuet
- Upper East Side
- Greensboro: The Shops at Friendly Center
- Lake Oswego: 390 N. State St.
- Tigard: Bridgeport Village
- Pittsburgh: South Side Works
- Providence: Providence Place
- Friendswood: Baybrook Village
- Houston: Champions Forest Plaza
- Plano: Lakeside Market, 5809 Presto
- Sugar Land: Sugar Land Town Square