CHAPEL HILL — Southern Season, the Chapel Hill gourmet and kitchenwares store, has been sold, according to a press release issued late Tuesday evening.

Longtime owner Michael Barefoot, who opened the store in an 800-square-foot space in 1975, has sold the company to TC Capital Fund, a joint venture between two Chapel Hill investment funds. Those include Carrboro Capital Corporation and Tryon Capital Ventures. The founders of Carrboro Capital are Clay Hamner, Betty Kenan and Phil Phillips and the founders of Tryon Capital are Pete Coker and Peter Reichard.

Tuesday's announcement was not surprising given that there had been rumblings that the store was struggling financially and a couple employees were recently laid off.

Barefoot will remain involved the store's operations, along with business partners Tim Manale and Briggs Wesche. The store includes the Weathervane restaurant, a prepared food deli and cheese counter, kitchenwares, gourmet foods and a cooking school.

Joining the management team will be Larry Shaw, who has worked at the Vermont Country Store and Nordstrom.

andrea.weigl@newsobserver.com or 919-829-4848