industry insider | Dec 20, 2016 |
Gracious Home files for second bankruptcy
Boh staff
By STAFF

Home furnishings chain Gracious Home has filed for Chapter 11 for the second time in the last six years, one month after closing its Chelsea location in New York. The brand also has outposts on the Upper East Side and Upper West Side.

The company first filed back in August 2010, saying the 2008 financial crisis impacted sales. Soon after, it was rescued from bankruptcy by Americas Retail Flagship Fund for $12.5 million, TheStreet reported. The brand is now being forced to liquidate after defaulting on a loan with Signature Bank. The exact past-due amount is not public at this time. 

Earlier this month, legal publication Commercial Observer had also reported that Gracious Home owes its landlord, Lincoln Square Commercial Holding Co., over $1.3 million in rent and taxes for its Upper West Side location.  

The brand’s website has a message on its homepage: “We’re currently improving our online shopping experience. Please check back shortly—we apologize for any inconvenience and appreciate your patience.”

Want to stay informed? Sign up for our newsletter, which recaps the week’s stories, and get in-depth industry news and analysis each quarter by subscribing to our print magazine.
Advertisement