Investor Firm Acquires Gracious Home
Posted on December 8, 2010 by
NEW YORK-Americas Retail Flagship Fund, an investor company with interests in retail and real estate, has swung a deal to purchase Gracious Home, the specialty retail that has been in Chapter 11 bankruptcy since August.
According to a joint statement from the retailer and its new owner, the acquisition "rescued" the company and its more than 250 employees from potential closure."
The retailer has three locations in Manhattan, including its Home Improvement Design Store and Showroom.
Americas Retail Flagship Fund is a partnership consisting of Joel Kier, chairman and chief executive officer of Kier Group Holdings, a retail investment company; Frank J. Sciame and John Randolph, principals with Sciame Development, a construction company; and Isidore Mayrock, former principal partner of Fortunoff, whose family co-founded that retailer in 1923, sold it in 2005 and reacquired the brand and intellectual property with the Fortunoff family in 2009.
Kier said the firm will now use "our resources and financial, real-estate and retailing acumen to further develop" Gracious Home.