The sale of cookware and cutlery retailer Sur La Table to Marquee Brands and CSC Generation for $88.9 million has been approved by a judge in the U.S. Bankruptcy Court in Trenton, N.J. The buyers agreed to keep at least 50 retail locations in operation.
The joint venture’s bid bested the $61 million stalking horse offer from Fortress Investment Group that Sur La Table had lined up in tandem with its bankruptcy filing in July.
Sur La Table was operating 121 stores before the bankruptcy, but had agreed to liquidate 51 of them in its bankruptcy filing. Prior to Fortress Investment’s bid, Sur La Table was planning to conduct a full-chain liquidation, according to The Wall Street Journal.
“In partnering with industry leaders like CSC Generation, Sur La Table will offer customers a seamless omnichannel shopping experience guided by knowledgeable staff, technology, and one-of-a-kind offerings,” said Michael DeVirgilio, President of Marquee Brands in a statement. “With this acquisition, and CSC as a partner, we continue our journey in pushing the boundaries of retail.” Marquee’s Home and Culinary portfolio already includes the Martha Stewart and Emeril Lagasse brands.
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“Sur La Table is a rare gem in its class and one we have been watching for some time,” said Justin Yoshimura, Founder and CEO of CSC Generation in a statement. “It’s an honor to be part of its future and we couldn’t be more excited about working with Marquee Brands as a true leader in brand building and growth.”
