Sur La Table granted interim approval to conduct store-closing sales

By Caroline Salls

Pittsburgh, July 14 – Sur La Table, Inc. received interim court approval to conduct store-closing sales at 56 of its retail locations, according to an order filed Monday with the U.S. Bankruptcy Court for the District of New Jersey.

The final hearing is scheduled for July 29.

After a review of the performance of its individual stores, Sur La Table said it plans to liquidate the assets in those stores and cease operations there.

A joint venture comprised of Great American Group, LLC and Tiger Capital Group, LLC has been selected as the consultant responsible for conducting the liquidation sales at the 56 closing store locations.

The consultant will receive a fee equal to 1.5% of the gross proceeds from the sale of merchandise, plus 15% of the proceeds from the sale of furniture, fixtures and equipment at the closing stores.

The store sales are expected to run through Aug. 31.

Sur La Table is a Seattle-based home furnishings retailer. The company filed bankruptcy on July 8 under Chapter 11 case number 20-18368.

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