Sur La Table is closing its two Minnesota stores – in Edina and Woodbury – as early as August after it filed for bankruptcy this week.
The retail store, which is known for its cookware and cooking classes, filed for bankruptcy protection as it prepares to sell off some of its stores and close others so it can "prosper in the current retail environment and position the company for a vibrant future," according to a Wednesday in a news release.
Sur La Table's website states its stores at 50th and France in Edina and City Place Woodbury will close in "August or September."
The two Minnesota stores are among the 56 locations that will close in the next 8-12 weeks, a company spokesperson told BMTN. Fifty-one of the stores that are closing are currently having liquidation sales – five of the locations set to close did not reopen following the coronavirus-related shutdowns across the country.
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment," CEO Jason Goldberger said in a statement. "Sur La Table will have a balance sheet and retail footprint optimized to position the company for a bright future that continues our nearly 50-year tradition of offering high-quality cooking products and experiences to our customers,"
Sur La Table says it has entered into a "stalking horse" agreement with Fortress, an investment firm, for a minimum bid and possible purchaser, and says it is hopeful about the future because it is "exceptionally well-positioned to thrive" in the post-pandemic world because food, cooking and entertaining at home continue to "capture increasing mindshare of consumers."
After the company is sold, Sur La Table says it will continue the retail stores that have seen success, as well as its in-person and online cooking classes and its online store.