NEW YORK — Top 100 retailer ABC Carpet & Home has a new owner.
A sale hearing for the retailer was approved on Oct. 27 by the U.S. Bankruptcy for the Southern District of New York. And the transaction carried out by 888 Capital Partners closed on Oct. 31.
Both of ABC’s locations, its flagship at 888 Broadway and 19th Street Manhattan and its warehouse on the waterfront in Brooklyn, are both open. CEO Aaron Rose is continuing in his role to work with the new owners.
In a press release announcing the deal, the owners expressed their interest in continuing the legacy of the retail brand.
“ABC Carpet & Home’s new owners cherish the opportunity to carry forward the legacy of the New York icon that Paulette Cole has built from what was originally a pushcart business founded by her great-grandfather more than a century ago,” the release said. “The new owners share the same deep commitment to high quality and craftsmanship that is a hallmark of the ABC Carpet & Home brand and look forward to continuing to offer the curated selection of merchandise that ABC Carpet & Home’s loyal customers know and love while investing to further enhance and grow the online shopping experience.”
888 Capital Partners is a consortium of investors with multi-generational experience in home goods and consumer products, and it served as both financing provider and purchaser. The consortium was the only entity to submit a bid during the bankruptcy proceedings.
Thomas Lester is Retail Editor for Furniture Today and Digital/Managing Editor for Home Accents Today. A graduate of Emory & Henry College’s Mass Communications program, Lester spent a dozen years working for newspapers in Virginia and North Carolina covering an array of subjects, ranging from community news, government, education, ACC sports, professional baseball and more before joining Home Accents Today in 2013. Reach out to me with your story ideas, tips and more at [email protected].