Demand for in-person chocolate shopping had “waned as a result of the pandemic and its acceleration of changes in consumers’ shopping behavior."
“This sale process will result in a revitalized Sur La Table, positioned to thrive in a post COVID-19 retail environment."
The retailer is suspending $115 million in monthly rent payments and is looking for ways to fund operations.
The closures "will enable us to move forward with an appropriately sized store footprint and operating structure as an omnichannel retailer."
The retailer is also closing a dozen more stores and could eventually "close up to 15% of our portfolio” of 967 stores.
The bankrupt retailer says it will shut down all its U.S. stores after a disastrous holiday season thwarted its turnaround effort.
The retailer says the closures are a "critical component" of its business plan as it seeks to emerge from bankruptcy.
While store closures helped Sears cut its third-quarter loss by nearly $200 million, "the fundamental economics of the business do not add up."
