Gump’s has found new owners and will reopen in time for the 2019 holiday season, according to the San Francisco Chronicle. The Chachas family, which founded and manages the investment bank Methuselah Advisors, will acquire the company and plans to open an e-Commerce business and a temporary San Francisco store by early November.
The Chachas were part of the investor group that acquired Gump’s in 2007. In August 2018, the retailer filed for bankruptcy and closed its famous Post Street store after 157 years of operation. In June 2019 the Chachas offered $650,000 for the brand name, trademarks, social media accounts and other things of “soft value.” However, they did not receive any leftover inventory or other physical assets.
Annie Chachas, who will become EVP and oversee social media and marketing for the revived retailer, plans to focus on helping the store appeal to younger customers. The new Gump’s plans to sell personalized leather goods and a combination of classic and contemporary tableware to help it appeal to this demographic.
While the new store will open in San Francisco near the site of the former Gump’s location, the city may not be home to the eventual permanent store. “All things being equal, I would really like to re-establish the retail activities where the people know it…but this environment is unhealthy for luxury retail,” said John Chachas in a San Francisco Chronicle interview.