It’s been almost a century since Gump’s has been a family operation. In the fall of 2019, this San Francisco luxury department store is going to reopen its doors to the public. It based out of both San Francisco and New York.
Founded in 1861 by two brothers, Solomon and Gustave, Gump’s is their namesake. At first, a mirror and frame shop, it evolved into selling art in those frames during the California gold rush. Then in 1906, after the San Francisco earthquake, the original store caught fire and burned. They moved to Union Square until December 2018.
The luxury retailer sells home furnishings and décor and carries designer brands like Hermès and Buccellati. Gump’s isn’t about selling only expensive items. Legend has it that President Franklin Roosevelt purchased model ships and smoking jackets.
Although the store had seemed to close in 2018 due to economic realities, Gump’s is beginning a new era of ownership under the Chachas family.
John Chachas began his career as a bank at First Boston, then Merrill Lynch and Lazard. John had started his firm, Methuselah Advisors. As a child, Chacha’s parents brought him to Gump’s at Christmas. To him, the Buddha statue in the store’s center became the symbol of Christmas. When he heard the store was to be sold, he arranged a multi-million-dollar deal, of which he put $500,000. Find Additional Information Here.
The investors refused to pay John Chachas $225,000 for a finder’s fee, so he received the Buddha statue as payment. Chachas only made this type of deal once, and only for that statue. He later sold the figure at auction for $4 million. He then used $650,000 of this to purchase Gump’s.
The Chachas family couldn’t be happier to be owners of Gump’s. John’s three children are majority owners. They plan to open the store in time for the Christmas holiday in 2019. See This Article for additional information.
More about Gumps on https://www.crunchbase.com/organization/gump-s