Sur La Table announces $88.9 million winning bid; hearing Wednesday

By Caroline Salls

Pittsburgh, Aug. 10 – Sur La Table, Inc. announced in a notice filed Friday with the U.S. Bankruptcy Court for the District of New Jersey that a joint venture comprised of SLT Lending SPV, Inc. and SLT IP Holdings LP is the winning bidder for its assets.

Stalking horse bidder CF SLTD Holdings II LLC was named as the backup bidder.

As previously reported, the stalking horse bid from affiliates of Fortress Investment Group, working in partnership with Story3 Capital Partners was valued at $61.34 million.

According to a separate court filing, the joint venture’s winning bid was for $88.9 million, which was $11.6 million more than its initial offer.

The joint venture also agreed at the auction to increase the guaranteed minimum number of store leases to be assumed to 50 locations from 40 locations.

The sale hearing is scheduled for Wednesday, moved from the original Aug. 10 hearing date.

Sur La Table is a Seattle-based home furnishings retailer. The company filed bankruptcy on July 8 under Chapter 11 case number 20-18368.

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