The company filed for Chapter 11 bankruptcy protection late Wednesday, announcing in a press release that it’s putting itself up for sale and will close a substantial number of stores so it can “prosper in the current retail environment and position the company for a vibrant future.”
Roughly half of its 120 US stores will close permanently, according to a spokesperson. Sur La Table, like other retailers, was temporarily forced to close its locations’ doors in March because of the coronavirus pandemic.
Sur La Table also known for its in-store cooking classes, which have also been discontinued because of local laws limiting indoor dining or gatherings.
CEO Jason Goldberger said the sale process “will result in a revitalized Sur La Table, positioned to thrive in a post Covid-19 retail environment.”
“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,” he added.
Sur La Table also said that its optimistic for its future because “cooking and in-home entertainment continue to capture increasing mindshare of consumers.” More people are beginning to cook and eat at home as the result of the pandemic.
The company said its entered a “stalking horse” agreement with investment group Fortress for a minimum bid and possible purchaser.
The retailer is the latest mall staple to go broke and close stores. It joins a growing list of companies like Brooks Brothers, J.Crew, JCPenney and Neiman Marcus, all of which filed for Chapter 11 in recent months.
By Jordan Valinsky, CNN Business The-CNN-Wire ™ & © 2020 Cable News Network, Inc., a Time Warner Company. All rights reserved.