SAN FRANCISCO -- W&J Sloane has been put up for sale after more than 100 years of retailing home furnishings in Northern California.
City Stores Co. of New York announced Tuesday that it plans to sell off the six Sloane's stores in the San Francisco Bay area.
The flagship San Francisco store on Sutter Street will be sold as a going concern to the highest bidder along with stores in Los Altos, San Rafael and Walnut Creek.
A store in San Jose and one in San Mateo will be closed when their leases run out this summer.
City Stores Co. hopes it can sell the stores in one package, board Chairman Jack Farber said. He said there have been 'discussions' with several potential buyers and that although no negotiations are under way, he has seen 'evidences of interest.'
Farber said City Stores Co. does not plan to sell its remaining stores in the New York, Washington and Houston metropolitan areas.
He said the Northern California stores 'always made a modest profit until a few years ago,' but not any more.
The publicly-owned City Stores Co., which has owned Sloane's since 1961, has been operating under Chapter 11 bankruptcy proceedings since July, 1979.
W&J Sloane was founded in New York in 1861 by William and Joseph Sloane, who immigrated to the U.S. from Scotland. The firm has provided furnishings for the Top of the Mark on San Francisco's Nob Hill, the Arabian palace of Prince Faisal, and other facilities.