“Gump’s Holdings LLC, the San Francisco retail landmark that survived the 1906 earthquake, filed for chapter 11 bankruptcy protection after succumbing to the rise of online shopping and shifting consumer habits.
After years of losses, the 157-year-old Bay Area department store had been trying to find a buyer, or additional financing since May, to no avail. The closely held company and its affiliates had assets of $61 million and liabilities of $64 million, according to filings late Friday in Nevada. Bloomberg reported late last month that the retailer was on the brink.”
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