Home furnishings chain Gracious Home filed for bankruptcy protection Friday after enduring substantial losses for several years. It was reported that the company's revenue declined to an estimated $58 million this year from $60 million in 2009 and $70.4 million in 2008.
“We intend to emerge from these proceedings with a significantly improved balance sheet and, consequently, greater operating flexibility. I am confident in Gracious Home’s future,” Jordan Smilowitz, the president and chief operating officer said in a statement.
The company plans to restructure its store leases and obtain new capital. Meridian Ventures LLC, which will become Gracious Home’s majority owner under the plan, and existing owners and management will also invest.
The chain began as an Upper East Side hardware store in 1963 founded by the company's current chairman Cuban immigrant Natan Wekselbaum and his brother. The brothers set themselves apart by giving "red carpet treatment" to every person who walked through the door.
News categoriesAll News >
Pierluigi Colombo dwelling takes center stage at National Building Museum exhibit
Gil Walsh dishes on Floridian design
Luxe editors-turned-retailers share the story of their adorable new shop
Thompson Traders family hosts designers for Dia de los MuertosSpecial Events | 5:07Thompson Traders family hosts...
Check out the inaugural Holiday House LondonShowhouses | 5:25Check out the inaugural Holiday...
Ann Feldstein and Jennifer Powell TumpowskyPr marketing
Cheminne Taylor-SmithBusiness consultation
Robin Baron and Resource Furniture celebration
Robert Allen and NYSID student competition
The Melding of Artistry, Material and Truth
- Tag Sale
- In Print