BELLINGHAM, Wash. — Brown & Cole here said it expects to invest approximately $12 million over the next 18 months or so to upgrade its store base. The money will come from its new majority owner, Hancock Park Associates, a Los Angeles-based private equity firm that became majority owner of the 20-store chain late last month as part of a corporate reorganization that followed 13 months of operating 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. Each store can use some investment — for everything from resets to additional services to remodels — and we're putting together a list to prioritize those needs before proceeding. 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 reorganization, current management will remain intact, with no layoffs or further store closures and all union contracts remaining in place, the company said.
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