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AFTER TWO YEARS of turmoil and slipping sales, longtime Manhattan retail fixture Gracious Home has bought itself some extra breathing room. The family-owned homegoods retailer, which operates three stores here, filed for prearranged Chapter 11 bankruptcy protection late last week under the corporate name of The 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 New Alliance Commercial Finance will provide financing, as well. The company has also retained Triton Equity Partners, a financial advisory firm focused on retail.
"Business as usual"
"THE COMPANY WILL...