Gracious Home Files for Bankruptcy
August 16, 2010,
NEW YORK-Gracious Home, a fixture in Manhattan for home furnishings for 47 years, filed for bankruptcy on Friday.
Jordan Smilowitz, the president and chief operating officer of the three-store chain, said the company will continue operating through the bankruptcy.
"We intend to emerge from these proceedings with a significantly improved balance sheet and, consequently, greater operating flexibility," Smilowitz said in a statement. "I am confident in Gracious Home's future."
The company listed between $10 million and $50 million of both assets and liabilities in papers filed with the U.S. Bankruptcy Court in New York.
According to press reports, the company has received new capital from Meridian Acquisition Ventures. Gracious Home also plans to obtain financing from an affiliate of NewAlliance Bancshare to keep operating while it restructures.