Sur La Table Store Closing Sales Underway at 17 Additional Locations Across the U.S.
B. Riley Financial, Inc. (NASDAQ:RILY) announced the commencement of store closing sales at 17 additional Sur La Table locations across the U.S. as part of a restructuring strategy initiated on August 28. This decision follows the identification of 56 stores slated for closure during the company's bankruptcy proceedings. Customers can expect discounts of up to 30% on merchandise. The liquidation sales are anticipated to last approximately five weeks or until stock is depleted, with final purchases being non-returnable. Sur La Table continues operations at over 55 locations under new ownership.
- Store closing sales could lead to quicker asset liquidation for Sur La Table.
- Potential revitalization of Sur La Table under new ownership may enhance brand positioning.
- Closure of 17 stores indicates continued struggles for Sur La Table's retail operations.
- The bankruptcy process may cause uncertainty regarding future financial performance.
LOS ANGELES, Sept. 11, 2020 /PRNewswire/ -- B. Riley Financial, Inc.'s (NASDAQ:RILY) ("B. Riley") Great American Group, SB360 Capital Partners and Tiger Capital Group today announced that store closing sales started August 28th at an additional 17 Sur La Table retail locations across the United States. The retail chain previously earmarked 56 stores for closure in bankruptcy as part of its plan of restructuring to optimize its retail footprint.
Founded in Seattle's Pike Place Market in 1972, Sur La Table is a leading retail chain that offers high-end kitchenware products, including cookware, cutlery, cooks' tools, small electrics, tabletop and linens, bakeware, glassware and bar, housewares, food, and outdoor goods.
As part of the liquidation sale, customers can expect initial discounts of up to
"Sur La Table has partnered with the world's best chefs and kitchen brands to bring customers trusted tools to make delicious memories. And with Marquee Brands and CSC Generation as the new owners of Sur La Table, the brand will be revitalized and better positioned to thrive in a post-COVID-19 retail environment. We encourage customers to shop early for the very best selection as the store closing sales will only last through the end of September," said Scott Carpenter, CEO of Retail Solutions at B. Riley's Great American Group (soon to be rebranded as B. Riley Retail Solutions). "We are committed to providing customers with the same great in-store experience they have come to expect during this store closing sales event. Safety measures are in place to create a safe and healthy space for our shoppers."
Liquidation sales in the closing store locations are expected to last approximately five weeks, or until all merchandise is sold. The length of the sale will vary by location. Store furniture, fixtures and equipment will also be available for purchase in certain locations.
All purchases made at closing stores during the liquidation sale will be final. For information regarding gift cards, returns, and coupons, including SLT Perks earnings, view Sur La Table's customer FAQs at https://www.surlatable.com/faqs.html.
Last month, a joint venture by global brand owner, marketer and media company Marquee Brands and CSC Generation, a multi-brand technology platform, bought the remaining Sur La Table stores, brand and all related intellectual property. Sur La Table continues to operate over 55 locations across the country where it's business as usual.
To find out if your local Sur La Table store is closing and participating in the liquidation sale, visit www.surlatable.com/stores.
About B. Riley Financial, Inc. (NASDAQ:RILY)
B. Riley Financial provides collaborative financial services solutions tailored to fit the capital raising, business, operational and financial advisory needs of its clients and partners. B. Riley operates through several wholly owned subsidiaries which offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. B. Riley also makes proprietary investments in companies and assets with attractive return profiles. For more information about B. Riley and its affiliated companies, visit www.brileyfin.com.
About Great American Group
Great American Group, a B. Riley Financial, Inc. company (NASDAQ: RILY), is a leading provider of asset disposition and auction solutions, advisory and valuation services. Great American Group efficiently leverages its sector expertise and deploys resources to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. To learn more about Great American Group, please visit www.greatamerican.com.
About SB360 Capital Partners
SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm's asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory, commercial real estate investment and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate Second Avenue Capital Partners, provides asset-based loans for middle-market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Tiger Capital Group
Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. To learn more about Tiger, please visit www.tigergroup.com.
Contacts | |
Investors | Media |
B. Riley Financial | Scott Cianciulli |
(310) 966-1444 | (212) 739-6753 |
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SOURCE B. Riley Financial
FAQ
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