Gracious Home files for Chapter 11

TRD New York /
Aug.August 13, 2010 03:55 PM

A Gracious Home store at 1220 Third Avenue

Though it has had its share of ups and downs over the years, the recession has finally taken its toll on Manhattan retailer Gracious Home, which filed for Chapter 11 bankruptcy protection today. The family-owned retailer — which operates three outposts in New York City, including one recently opened in Chelsea — cited assets between $1 million and $50 million, and liabilities of the same amount. Gracious Home has revenue near $60 million, down about 13 percent from the previous year, founder Natan Wekselbaum, 75, told Crain’s. The filing — listed under the corporate name of the Weck Corp. — listed more than 1,000 creditors, including East 58th Street-based Fraydun Realty, to which Gracious Home owes $143,000 in rent, and Rockrose Development, to which Gracious Home owes more than $133,000. As part of the Chapter 11 reorganization, Gracious Home will work with a new investor, GH Acquisition, an affiliate of Meridian Ventures, to restructure. New Alliance Commercial Finance will be providing financing as well. [Crain’s]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

200-bank-ozk

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground

Book Culture at 450 Columbus Avenue (Credit: Google Maps)

Upper West Side bookstore closes amid accusations of fraud

Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)

A $119B seawall still might not protect Manhattan, critics say

The total market value of all properties in New York City was at about $1.4 trillion (Credit: iStock)

Market value of NYC real estate went up at slowest rate in years

Epstein's Mansion at 9 East 71st Street and the Frick Museum at 1 East 70th Street with Jeffrey Epstein (Credit: Getty Images, Google Maps, Wikipedia)

Preservationists want the Frick to buy Epstein’s old mansion

arrow_forward_ios
Loading...