Sur La Table Inc. received bankruptcy-court approval to conduct a speedy chapter 11 sale process, positioning the kitchen-supply retailer to sell itself by next month after receiving an offer valued at $61 million from Fortress Investment Group LLC, the Wall Street Journal reported. Fortress, which has teamed up with investment firm Story3 Capital Partners, agreed to serve as the stalking horse bidder to acquire at least 40 but as many as 70 Sur La Table retail stores, in addition to its online business, cooking classes, inventory and the assumption of $20 million in gift cards and other liabilities. The Seattle-based company, which sells high-end cookware and offers gourmet-cooking classes at its stores, is aiming to close a potential expedited sale by mid-August. Sur La Table filed for chapter 11 bankruptcy protection on Wednesday with plans to conduct liquidation sales at 51 stores. Bankruptcy Judge Michael B. Kaplan said that he would approve the bidding rules that will subject the Fortress buyout offer to other bids at a bankruptcy auction, if needed. The deadline to submit qualified bids is Aug. 3. If necessary, an auction will be conducted on Aug. 5.
