157-Year-Old Luxury Retailer Gump's Liquidates Inventory, Risks Closure

Gump's, a San Francisco luxury department store founded in 1861, is holding a going-out-of-business sale, according to The Wall Street Journal. The retailer filed for bankruptcy earlier in August following a rapid decline in sales, and attempts to sell the business or find new investors have failed. The drop in sales followed several years of decline at retail outlets in general, according to Gump's. The retailer claims shoppers have been shifting to e-Commerce and larger chains, and purchases f...