Announced today, Gracious Home has been acquired by Americas Retail Flagship Fund in a deal that includes its four Manhattan store locations, a warehouse, corporate office, and internet retail business.
This timely transaction "rescued" the company and its more than 250 employees from potential closure. The company under its prior ownership had filed for bankruptcy protection in August 2010.
"With more than 175,000 items from energy efficient light bulbs to fine European linens, and incredibly caring and knowledgeable employees, in the retail industry, there are very few companies with as revered a name as Gracious Home," noted Joel Kier, one of the three partners in Americas Retail Flagship Fund LLC. "We look forward to working with the Gracious Home team and using our resources, and financial, real estate and retailing acumen to further develop the company, and serve our customers by building on the heritage and culture of wonderful service and exceptional quality the original founders have brought to discerning New Yorkers since 1963."
"All of us at Gracious Home are highly motivated about our future and look forward to partnering with such experienced investors who understand and respect the Gracious Home values and customer-focused culture," said Jordan Smilowitz, President and COO, "and we greatly appreciate the patience and support of our employees, steadfast vendors and loyal customers as we grow our business with them."