Gump’s, a San Francisco luxury department store founded in 1861, filed for bankruptcy protection late Friday, the San Francisco Chronicle reported. The company said that it is seeking a buyer and plans to liquidate merchandise to pay off lenders, with Hilco Merchant Resources and Gordon Brothers handling sales. The company and its affiliates reported $61 million in assets and $64 million in liabilities in the Nevada bankruptcy filings. The Gump family founded the company and survived the 1906 earthquake, which destroyed its store. Merchandise includes mirrors, Asian rugs, porcelain and silks, according to the company’s website. Gump’s expanded beyond its retail location with a catalog in the 1950s. Its online and catalog sales now account for more than 75 percent of total sales and more than 90 percent of sales are outside the Bay Area, the company said in May.
