Gump’s Holdings and its affiliates Gump’s Corp. and Gump’s By Mail, Inc. have filed voluntary petitions on August 3 for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Nevada.
Gump’s Corp. owns and operates the venerable Gump’s department store near Union Square in San Francisco. The store is one of the longest-operating gifts, jewelry and luxury home furnishing retailers in the U.S., as well as offering registry services, home décor, tabletop and home entertaining products.
The company said it expects its cash on hand and debtor-in-possession financing to provide it with sufficient liquidity to maintain value in its assets during their marketing and sales for the benefit of creditors. Hilco and Gordon Brothers have joint ventured to act as liquidators for Gump’s merchandise.
The company noted that it had embarked on several strategic plans in recent years to raise capital and adapt its exclusive style and brand to better meet the needs and desires of its market. While thus far unsuccessful, efforts to sell the business as a going concern, in whole or in part, will be continued by Gump’s.
Tony Lopez, chief operating officer, Gump’s, said, “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. We will continue to seek a source of capital to enable this storied brand to continue to serve its devoted customers.”