Gump’s Holdings, LLC and its affiliates Gump’s Corp. and Gump’s By Mail, Inc. announced that they filed voluntary petitions 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 iconic 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 United States. 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 their marketing and sales for the benefit of creditors. Hilco and Gordon Brothers have joint ventured to act as liquidators for Gump’s merchandise. Garman Turner Gordon LLP is acting as Gump’s legal advisors in connection with the Chapter 11 Cases.
Gump’s has been navigating the overwhelmingly difficult retail environment that has affected many retailers. It established Gump’s By Mail to compete in the direct sale market and carry on its historic catalog business, and it 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. More recently, Gump’s has been marketed by Lincoln International LLC. While thus far unsuccessful, 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.
Tony Lopez, Chief Operating Officer, 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.”
Additional information, including court filings, regarding the Chapter 11 Cases are on file with the clerk of the United States Bankruptcy Court for the District of Nevada, Foley Federal Building, 300 Las Vegas Boulevard South, Fourth Floor, Las Vegas, Nevada 89101, available at https://ecf.nvb.uscourts.gov/ or go to https://www.donlinrecano.com/gumps.