Gracious Home finds a White Knight
Cecile Corral -- Home Textiles Today, December 8, 2010
New York - Local home furnishings chain Gracious Home, which filed a pre-pack bankruptcy in August, has been acquired by Americas Retail Flagship Fund LLC.
Principals of the private investment group include Joel Kier of the Kier Group, a construction and civil engineering firm; Frank Sciame and John Randolph of Sciame Development Inc, the real estate development arm of a prominent New York construction company; and Isidore Mayrock, former principal partner of Fortunoff, who heads his family's investment and real estate office.
"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," said Kier.
Gracious Home operates three retail stores in Manhattan as well as a home improvement design store and showroom in Chelsea, which it previously operated as a retail store.
"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."
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