ABC Carpet to stay in business thanks to bankruptcy sale

ABC Carpet & Home, the more than a century-old New York luxury home goods retailer, will stay in business after winning court approval to sell itself to a group of investors.

The sale is valued at about $26 million, a lawyer for the retailer said in a hearing Wednesday, though most of the consideration will come in the form of debt forgiveness. The company received no other acceptable bids.

The buyer, called 888 Capital Partners, plans to invest $20 million into ABC and offer jobs to more than 50 of the company’s existing employees, according to court papers. 888 Capital expects the new ABC to break even in

Facebook Notice for EU!
You need to login to view and post FB Comments!

→ Continue reading at Crain's New York Business

[ufc-fb-comments url="http://www.newyorkmetropolitan.com/news/abc-carpet-to-stay-in-business-thanks-to-bankruptcy-sale"]

Latest Articles

Related Articles