Gracious Home files for Chapter 11

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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Ulster County, NY (iStock)
Ulster County home prices spiked 20 percent last year
Ulster County home prices spiked 20 percent last year
Lenox Grand 13505 Burnet Road, Austin, Texas (OHT Partners)
A 16-acre multifamily development headed to North Austin
A 16-acre multifamily development headed to North Austin
Ben Hakimian, founder, Hakimian Organization; 244 West 49th Street (Google Maps, KSU)
Hakimian changes Midtown hotel plans to residential
Hakimian changes Midtown hotel plans to residential
Micron President and CEO Sanjay Mehrotra with Lockhart, Texas (Facebook, Wikipedia)
Intel nah, Micron maybe: Texas could get another multibillion-dollar semiconductor plant
Intel nah, Micron maybe: Texas could get another multibillion-dollar semiconductor plant
Bayonne Mayor Jimmy Davis (City of Bayonne, NJ, Google Maps)
Bayonne to weigh 2 redevelopment proposals
Bayonne to weigh 2 redevelopment proposals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...