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]

 

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