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Bloomberg
Sur La Table Inc, the bankrupt upscale cookware chain, sold for almost $90 million and a promise to keep at least 50 stores open, according to court papers.
A joint venture between e-commerce investment firm CSC Generation and Marquee Brands topped an opening bid from affiliates of Fortress Investment Group at auction last week, according to court papers and a lawyer for Sur La Table’s junior creditors. A representative for Sur La Table didn’t respond to requests for comment, while CSC founder Justin Yoshimura and Marquee didn’t immediately respond to emails seeking comment.
The Wall Street Journal earlier reported the identities of the buyers. Sur La Table, known for its in-store cooking classes and pricey kitchenware, shut its stores as Covid-19 gripped the US, then filed for Chapter 11 bankruptcy in July. The company was headed toward a full-blown liquidation until Fortress stepped in with a so-called stalking horse offer, which sets the floor for further bids, a lawyer for the company said.