Gracious Home Files Chapter 11

Gracious Home, a New York luxury home-goods retailer, has filed for Chapter 11 bankruptcy protection. The brand, which began as a hardware store in Manhattan in 1963 had morphed into a brand selling home decor, lighting, children's furniture, kitchen goods and more. The business will continue to operate during the bankruptcy and will be restructuring with the help of new investor, GH Acquisition, an affiliate of Meridian Ventures. The business listed assets and liabilities of $10 million to $50 million in court papers.

The business has six locations in Manhattan as well as an e-commerce website. "We want to assure our customers, our employees, our suppliers and our community that Gracious Home is operating - business as usual," Jordan Smilowitz, President and Chief Operating Officer said in a statement.