NEW YORK CITY-Gracious Home has been bought by an investorgroup, American Flagship Retail Fund, which includes a formersenior employee at Fortunoff, a home furnishings dealer, for anundisclosed price.
Gracious Home was forced to file for bankruptcy and sell itsstores after being hit badly by the recession. The retailergenerated annual revenues of about $60 million prior to filing forbankruptcy. Its previous owners, the Wekselbaum family had ownedand operated the retail chain for 47 years. For the fullstory, go to Crain's New YorkBusiness.
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