BELLINGHAM, Wash. — Brown & Cole here said last week it expects to invest approximately $12 million over the next 18 months or so to upgrade its store base after it emerged from bankruptcy in December.
The money will come from Hancock Park Associates, a Los Angeles-based investment firm that became the 20-store chain's majority owner late last month as part of a corporate reorganization following 13 months under Chapter 11 bankruptcy protection.
Sue Cole, the chain's public affairs director, told SN the company plans to “stretch the $12 million as far as we can.”
The chain is putting together a list to prioritize the needs of its stores, “each of which can use some investment for everything from resets to additional services to remodels,” she said.
“Ultimately, we will probably invest in two or three stores per year, and we're ready to begin very soon.”
Brown & Cole emerged from Chapter 11 Dec. 20 following court approval of a plan under which HPA purchased controlling interest for $43 million. Under terms of the sale, current management of Brown & Cole will remain intact, with no layoffs or further store closures and all union contracts remaining in place, the company said.