Sur La Table Sold For $90M Post-Bankruptcy
Sur La Table Inc., the Seattle kitchenware products company that filed for bankruptcy protection last month, has sold for nearly $90 million, Bloomberg News reported.
The purchase by SLT Lending SPV Inc. and SLT IP Holdings LP beat an opening bid from affiliates of Fortress Investment Group at auction last week, Sur La Table’s creditors said, the news service reported, citing court documents. The deal came with a pledge to keep at least 50 Sur La Table stores open.
The winning bidder’s name was not disclosed and a Sur La Table spokesperson didn’t immediately respond to requests for comment, according to the report.
In July, the high-end kitchen retailer filed for bankruptcy in a plan that at the time reports said could lead to its sale to affiliates of Fortress Investment Group. At the time, the chain announced plans to close 50 of its 121 stores nationwide with a workforce of 2,000.
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment,” Sur La Table 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.”
The Chapter 11 filing included provisions to help keep it in business and get financing support from existing lenders.
Sur La Table reported assets and liabilities totaling $500 million each in its bankruptcy petition. The plan called for Fortress to set a minimum price for an auction.
Established in 1972, the business was sold in 2011 for $146 million to Investcorp, the Bahrain-based global manager of alternative investment products, for private and institutional clients.
Sur La Table earned a reputation for offering in-store cooking classes and expensive kitchenware. Its stores were shuttered to prevent the spread of COVID-19. Weeks later it filed for bankruptcy protection.