Cooking Retailer Sur La Table Files For Bankruptcy: 51 Stores To Close

Sur La Table filed for Chapter 11 bankruptcy protection because of the coronavirus pandemic and plans to close 51 stores in addition to the closures announced earlier.

The kitchen goods and cooking retailer, which has been in business since 1972, filed for restructuring in New Jersey and is exploring a sale.

Sur La Table also will close 51 of its 121 stores located in the U.S. in addition to the closures anounced earlier in Las Vegas; Paramus, New Jersey; and New York, Lake Grove and White Plains, New York.

Sur La Table has secured an undisclosed amount of debtor-in-possession financing to complete the bankruptcy process as it looks to reduce its footprint to position itself for a successful future in what it called a changing retail environment.

A stalking horse bidder has been named in Fortress Investment Group for Sur La Table’s retail stores, in-person and online cooking classes, and e-commerce assets, which the company said will allow it to “thrive in the post COVID-19 world.”

“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 a 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 had temporarily closed all of its stores because of the coronavirus in March but all have since reopened.

The company hired Cole Schotz P.C. as its restructuring counsel and SOLIC Capital as its financial adviser and investment banker. Great American Group LLC and Tiger Capital Group LLC will facilitate retail store liquidation sales, court documents said.

Sur La Table joins several other retailers that have filed for bankruptcy protection during the coronavirus pandemic. Neiman Marcus, J. Crew, and JC Penney filed for Chapter 11 earlier in the year, while Lucky Brands and Brooks Brothers filed for bankruptcy this week.

The 51 stores that Sur La Table plans to close, according to its bankruptcy filing, include:

Alabama