ABC Carpet & Home sold to investors
The New York City retailer ABC Carpet & Home is being sold to an investment consortium, according to an article the New York Post published on 22 October. The investment fund called 888 Capital Partners LLP is said to be "a consortium of investors with multi-generational experience in home goods and consumer products", a spokeswoman for ABC said according to the New York Post.
ABC Carpet & Home was hit hard by the pandemic and filed für Chapter 11 bancruptcy in early September; owner Paulette Cole had loaned her family's business over USD 2.5 million of her own private money before the investors took over, now she has a minority stake in the new ownership entity. Cole is the granddaughter of the company founder, the family has run the store for 125 years now; it is known for its particularly beautiful and very high-end carpet department.Carpet Home-Newsletter: Click here for free newsletter subscription