Swanky household furniture retailer ABC Carpet & Home is scrambling to stave off bankruptcy in the wake of the pandemic, The Post has uncovered.
The 125-calendar year-outdated outlet — recognized for its deluxe stash of household items, from $375 velvet toss pillows to $12,000 silk-and-wool rugs — recently retained an expense bank and a top rated restructuring lawyer to assistance it stay afloat, in accordance to sources.
The business is “exploring regardless of whether bankruptcy makes perception,” stated a source with understanding of the situation, adding that fourth-era proprietor Paulette Cole has personally poured thousands and thousands of dollars into the business enterprise to maintain it likely during the pandemic.
Even with the income infusions, the store’s stock has been slashed, the source reported. ABC is also locked in a dispute with its landlord above $1 million in lease that threatens the lease at its flagship retail outlet in Manhattan’s Flatiron District, the enterprise confirmed to The Publish.
The property furnishings spot — dubbed New York’s “most magical home store” by Property Lovely magazine in 2019 — retained investment decision business B. Riley Economical previously this calendar year to assistance it examine strategic choices and protected financing, sources said.
B. Riley has helped ABC locate some hard cash, in accordance to the source with awareness of the situation. But seemingly it is not sufficient, as the retailer more just lately