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NEW YORK CITY-Gracious Home has been bought by an investor group, American Flagship Retail Fund, which includes a former senior employee at Fortunoff, a home furnishings dealer, for an undisclosed price.

Gracious Home was forced to file for bankruptcy and sell its stores after being hit badly by the recession. The retailer generated annual revenues of about $60 million prior to filing for bankruptcy. Its previous owners, the Wekselbaum family had owned and operated the retail chain for 47 years. For the full story, go to Crain’s New York Business.

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