Gump’s, the San Francisco-based, 157-year-old department store and retailer, filed voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Nevada.
Gump’s expects its cash on hand and debtor-in-possession financing to provide it with sufficient liquidity to maintain value in its assets during the marketing and sales for the benefit of its creditors.
Hilco and Gordon Brothers will act as joint liquidators for Gump’s merchandise, while Garman Turner Gordon will act as Gump’s legal advisor in connection with the Chapter 11 process.
Gump’s has been navigating the difficult retail environment that has affected multiple companies. It established Gump’s By Mail to compete in the direct sale market and embarked on several strategic plans in recent years to raise capital and adapt its style and brand to better meet the needs and desires of the modern marketplace. More recently, Gump’s was marketed by Lincoln International.
Efforts to sell the business as a going concern, in whole or in part, will be continued by Gump’s as the debtors in possession, although these efforts have not been successful thus far.
“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, chief operating officer. “We will continue to seek a source of capital to enable this storied brand to continue to serve its devoted customers.”
