After two years of turmoil and slipping sales, longtime Manhattan retail fixture Gracious Home has bought itself some extra breathing room. The family-owned home-goods retailer, which operates three stores here, filed for prearranged Chapter 11 bankruptcy protection late last week under the corporate name of The Weck Corp. The filing cited assets between $1 million and $50 million and liabilities... [more]
After two years of turmoil and slipping sales, longtime Manhattan retail fixture Gracious Home has bought itself some extra breathing room. The family-owned home-goods retailer, which operates three stores here, filed for prearranged Chapter 11 bankruptcy protection late last week under the corporate name of The Weck Corp. The filing cited assets between $1 million and $50 million and liabilities of the same amount.
As part of its reorganization, Gracious Home will work with a new investor, GH Acquisition, an affiliate of Meridian Ventures, to restructure; NewAlliance Commercial Finance will provide financing, as well. The company has also retained Triton Equity Partners, a financial advisory firm focused on retail.
A large part of the company's problems can be traced to the November 2008 opening of its third retail outpost, a 24,000-square-foot Chelsea facility. The timing for the new spot—which positioned the retailer steps away from large-scale rivals including Bed Bath & Beyond and The Home Depot—could not have been worse, coming just as the bottom fell out of the economy and stores everywhere were facing a pullback from shoppers.
http://www.crainsnewyork.com/article/20100815/SUB/308159980#
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Response by NYCMatt
over 15 years ago
Posts: 7523
Member since: May 2009
This is no surprise at all.
The customer service sucked at that store, and the store itself was a mishmash of cheap schlocky crap and overpriced "high-end" stuff of dubious quality.
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Response by sidelinesitter
over 15 years ago
Posts: 1596
Member since: Mar 2009
NYCMatt's opinion is stated with his customary grace and sensitivity. Hard to argue with any of his points about Gracious Home though...
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Response by Tallisman
over 15 years ago
Posts: 121
Member since: May 2009
Screw them and there $925 torch lamps, I went to that store to get great decorating ideas and breezed right past the cash register with nothing in hand. I'm not cheap, I like high design, but thank goodness the gouging has ended.
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Response by Wbottom
over 15 years ago
Posts: 2142
Member since: May 2010
ill argue as i often feel a need to do after reading matt's effluent
my experience of gh was that the cust svce/product knowledge was great and their buyers had excellent sense of product for their market
gh has always been expensive, but if you dont want to schlep, you will come home with suitable product if you shop there--one stop and home with what you needed
has always been a handy place for me for "punchlist" items
for those of greater means than mine, whose time is particularly valuiable, it is a great one stop shop for all stages of apt setup and living
too bad they tried to overexpand--probably had a vision of being the highend bedbathand beyond
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Response by printer
over 15 years ago
Posts: 1219
Member since: Jan 2008
I hope they are planning to use the bankruptcy process to rationalize the hodgepodge of storefronts they have on the UES.
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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
also don't forget home depot around the corner.
between that, bed bath, and container store, you could do much better much cheaper.
This is no surprise at all.
The customer service sucked at that store, and the store itself was a mishmash of cheap schlocky crap and overpriced "high-end" stuff of dubious quality.
NYCMatt's opinion is stated with his customary grace and sensitivity. Hard to argue with any of his points about Gracious Home though...
Screw them and there $925 torch lamps, I went to that store to get great decorating ideas and breezed right past the cash register with nothing in hand. I'm not cheap, I like high design, but thank goodness the gouging has ended.
ill argue as i often feel a need to do after reading matt's effluent
my experience of gh was that the cust svce/product knowledge was great and their buyers had excellent sense of product for their market
gh has always been expensive, but if you dont want to schlep, you will come home with suitable product if you shop there--one stop and home with what you needed
has always been a handy place for me for "punchlist" items
for those of greater means than mine, whose time is particularly valuiable, it is a great one stop shop for all stages of apt setup and living
too bad they tried to overexpand--probably had a vision of being the highend bedbathand beyond
I hope they are planning to use the bankruptcy process to rationalize the hodgepodge of storefronts they have on the UES.
also don't forget home depot around the corner.
between that, bed bath, and container store, you could do much better much cheaper.
wonder what's going in.