ABC Carpet & Home to be Sold to Investment Group Dealing in Persian Rugs
New York, NY, October 25, 2021-ABC Carpet & Home, which filed for bankruptcy in April 2021, will be sold to a group of investors that deal in Persian Rugs, reports New York Post.
ABC Carpet & Rug is a 125 year-old home furnishings business based in Manhattan.
“After dozens of prospective buyers kicked the tires at bankrupt ABC Carpet & Home, the iconic New York City retailer is being sold to a consortium of investors that deal in Persian rugs, The Post has learned.
“A Friday auction was canceled because the little-known investment consortium - which was also the ‘stalking horse’ bidder in a court-administered auction - submitted the only offer to acquire the family-owned business, according to court documents.
“Paulette Cole, whose family has operated the 125-year-old store - long known for its designer furniture, pricey carpets and expensive knickknacks - has a minority stake in the new owner, an investment fund called 888 Capital Partners LLP, court papers say.”