Gump’s survived San Francisco earthquake but not e-commerce

Bloomberg

Gump’s Holdings LLC,, the San Francisco retail landmark that survived the 1906 earthquake, filed for chapter 11 bankruptcy protection after succumbing to the rise of online shopping and shifting consumer habits.
After years of losses, the 157-year-old Bay Area department store had been trying to find a buyer, or additional financing since May, to no avail. The closely held company and its affiliates had assets of $61 million and liabilities of $64 million, according to filings.
Gump’s is the latest US department store operator to be hit hard by an aging customer base, expensive rents and growing competition from e-commerce. Two regional chains, Gordmans and Bon-Ton, recently filed for bankruptcy and closed their doors.
“Gump’s has been navigating the overwhelmingly difficult retail environment that has affected many retailers,” the company said.