Retailer Gracious Home Files for Bankruptcy

Gracious Home, the upscale home store with three locations in Manhattan has filed for Chapter 11 bankruptcy.

A spokeswoman for the retailer confirms the family-owned store, founded by a Cuban immigrant in 1963, is seeking court approval for a plan to pay off its debts. Crain's reports that Gracious Home owes up to $50 million to more than a thousand creditors, including its landlord.