New York City-based home goods retailer Gracious Home has filed for Chapter 11 bankruptcy protection, the second time the store has faced financial distress over the past six years.
According to published reports, the retailer has been struggling to overcome several issues that include increased competition from the likes of Bed Bath & Beyond and also increased pressure from landlords related to rent payments. The retailer also filed Chapter 11 in 2010.
According to a report in the Wall St. Journal, Signature Bank in May declared Gracious Home in default on its loan and tightened borrowing terms.
Founded in 1963 on Manhattan’s Upper East Side, the retailer until recently had operated three locations. Including the Upper East Side store, Gracious Home also had locations on the Upper West Side and in Chelsea.
The Wall St. Journal reported the company was in the process of closing its Upper West Side store, and as of Monday morning, its website was not accessible.
Gracious Home in 2015 reportedly had sales of $54 million, and this year expects sales in the range of $43 million.