Kitchenware specialty store Sur La Table will continue to operate as at least a 50 store chain as the bankrupt retailer has been sold.
According to a report in Wall St. Journal, a joint bid from e-commerce investment firm CSC Generation and Marquee Brands totaling nearly $90 million was enough to beat out a competitive bid from Fortress Investment Group.
Marquee Brands is no stranger to the world of cooking and kitchenware as the company currently owns the Emeril Lagasse and Martha Stewart brands.
Part of the winning bid was a promise to keep at least 50 stores open, according to the Journal report, which cited court documents. Final approval is expected to come at a court hearing set for Wednesday.
After struggling financially for some time, Sur La Table on July 8 filed for Chapter 11 bankruptcy protect. At the time, it was announced the company, which operated 121 locations, expected to close about 50 locations.
At the time of filing, Jason Goldberger, CEO of Sur La Table, said. “This sale process will result in a revitalized Sur La Table, positioned to thrive in a post-COVID-19 retail environment. [We] will be 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.”