Luxury home furnishings store files Chapter 11
An iconic retailer that survived the 1906 San Francisco earthquake has been done in by today’s disrupted retail environment.
Confirming previous reports, Gump’s Corp. formally announced it filed for Chapter 11 bankruptcy protection, listing assets of $61 million and liabilities of $64 million. The 157-year-old company owns and operates Gump’s in San Francisco. The store is one of the longest-operating gifts, jewelry and luxury home furnishing retailers in the United States.
Hilco and Gordon Brothers have joint ventured to act as liquidators for Gump’s merchandise. Garman Turner Gordon LLP is acting as Gump’s legal advisors in connection with the Chapter 11 Cases.
Gump’s has been attempting to sell its business, either in whole or in part, with no success to date. The effort will be continued by Gump’s as the debtors in possession.
“The Gump’s store is an institution beloved of generations of San Franciscans, and customers around the country are captivated by its distinctive, elegant products from around the world,” said Tony Lopez, COO, Gump’s. “We will continue to seek a source of capital to enable this storied brand to continue to serve its devoted customers.”
In a statement, Gump’s noted it has been navigating the “overwhelmingly difficult retail environment” that has affected many retailers. It established Gump’s By Mail to compete in the direct market and carry on its longstanding catalog business.
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