By Gabriela Resto-Montero
DNAinfo Reporter/Producer
UPPER EAST SIDE — After nearly 50 years in business on the Upper East Side, Gracious Home luxury store filed for bankruptcy last Friday, according to published reports.
The store, which has six locations around Manhattan, including one at 1220 Third Ave. between East 70th and East 71st streets, sells luxury household goods including designer linens and decorative items.
The filing is due in part to the recession, which saw the company's revenues fall 13 percent from the previous year to around $60 million, Crain's New York reported.
In its filing, the company listed 1,000 creditors with assets between $10 million and $50 million and liabilites of the same amount, Bloomberg Businessweek reported.
Natan Wekselbaum opened Gracious Home on the Upper East Side in 1963 after he immigrated from Cuba, Crain's reported. The business will continue to operate during the bankruptcy, Bloomberg reported.
