One more reminder that the recession's not over yet. 47-year-old Manhattan retailer Gracious Home filed for bankruptcy last week. According to a Reuters article, there are no store closures announced yet, although there are plans to "use the bankruptcy process to restructure its store lease obligations."
Crain's reported that sales are down "about 13% from the prior year" and debts are owed to multiple creditors. Gracious Home joins a roster of other well-known stores who have filed for bankruptcy protection over the course of the recession, including Linens 'n Things and Rachel Ashwell's Shabby Chic.
READ MORE
• NYC retailer Gracious Home goes bankrupt from Crain's New York
• Gracious Home files bankruptcy amid NYC job losses from Reuters
• Gracious Home in Chapter 11 pre-pack from Home Textiles Today
• Luxury Retailer Gracious Home Files for Bankruptcy from BusinessWeek
• Gracious Home reorganizes from New York Post
Photo: Gracious Home
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Comments (9)
Given how pricey they are, I'm shocked!
I, for one, am not surprised. Terrible customer service (from my experience) and most items are overpriced!! Decided a LONG time ago to not shop in any of their stores!
I stopped into the (newish) Chelsea store about two weeks. Yeah, I realized they were pricey, but I was short of shocked at how expensive, given that the feel and service of the store is barely a step above Bed Bath and Beyond. Actually, I've probably gotten better service at BBB.
I love Gracious Home. Have always had wonderful customer service there.
They should take this opportunity to also restructure it's store price structure.
I have always had bad experiences there. The customer service was atrocious and the prices high.
agree with patrick - the prices are outrageous. it really is a bed bath and beyond with some nicer lamps and sferra linens. for wanting to be so high-end the stores are very uninspiring.
Is this like Restoration Hardware, where everything is 5x retail?
I thought restoration hardware had good prices on furnitures...not sure about other stuff.