{"id":356812,"date":"2021-10-22T23:51:45","date_gmt":"2021-10-22T20:51:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/abc-carpet-home-is-being-acquired-by-a-persian-rug-dealer\/"},"modified":"2021-10-22T23:51:45","modified_gmt":"2021-10-22T20:51:45","slug":"abc-carpet-home-is-being-acquired-by-a-persian-rug-dealer","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/abc-carpet-home-is-being-acquired-by-a-persian-rug-dealer\/","title":{"rendered":"#ABC Carpet &#038; Home is being acquired by a Persian rug dealer"},"content":{"rendered":"<p>&#8220;<strong>#ABC Carpet &amp; Home is being acquired by a Persian rug dealer<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>After dozens of prospective buyers kicked the tires at bankrupt ABC Carpet &amp; Home, the iconic New York City retailer is being sold to a consortium of investors that deal in Persian rugs, The Post has learned.<\/p>\n<p>A Friday auction was canceled because the little-known investment consortium \u2014 which was also the \u201cstalking horse\u201d bidder in a court-administered auction \u2014 submitted the only offer to acquire the family-owned business, according to court documents.<\/p>\n<p>Paulette Cole, whose family has operated the 125-year-old store \u2014 long known for its designer furniture, pricey carpets and expensive knickknacks \u2014 has a minority stake in the new owner, an investment fund called 888 Capital Partners LLP, court papers say. <\/p>\n<p>The fund is, in turn, controlled by Regal Investments LLC, according to court filings. Sources tell The Post that the firms are run by Iranian rug merchants. A spokeswoman for ABC, however, disputed this characterization, calling 888 Capital Partners \u201ca consortium of investors with multi-generational experience in home goods and consumer products.\u201d<\/p>\n<p>\u201c888 Capital Partners plans to continue ABC carpet and home\u2019s legacy as a premier destination for home goods of all kinds,\u201d the ABC spokeswoman said. \u201cTheir vision includes offering a broad selection of merchandise featuring home furnishings, lighting, linens, tableware and other items in addition to carpeting.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-06-Paula-Cole-in-chair.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Paulette Cole of ABC Carpet &amp; Home seated in a chair.\" class=\"wp-image-19892955\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-06-Paula-Cole-in-chair.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-06-Paula-Cole-in-chair.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-06-Paula-Cole-in-chair.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Paulette Cole\u2019s family operated ABC Carpet for 125 years, and she has a minority stake in the new ownership entity.<\/figcaption><figcaption><span class=\"credit\">Paul Bruinooge\/Patrick McMullan<\/span><\/figcaption><\/figure>\n<p>Some insiders have speculated that ABC Carpet, which has a flagship at 888 Broadway and an outlet store in Brooklyn, might return to its roots selling mostly rugs.<\/p>\n<p>\u201cThese Persian rug merchants are primarily interested in the rug business, and that\u2019s most likely what attracted them to the business in the first place instead of all the other stuff ABC sells like one-of-a-kind stemware,\u201d bankruptcy attorney Ken Rosen told The Post.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-04-woman-shopper.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A woman shopping on the first floor of ABC Carpet's store.\" class=\"wp-image-19892976\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-04-woman-shopper.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-04-woman-shopper.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-04-woman-shopper.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>ABC Carpet was especially hit hard by the pandemic as most of its customers shop in-store.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-nypost-medium-post\"><img decoding=\"async\" loading=\"lazy\" width=\"322\" height=\"403\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-02-carpet-dislpay-1.jpeg?quality=90&amp;strip=all&amp;w=322\" alt=\"The rug display at ABC Carpet.\" class=\"wp-image-19893021\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-02-carpet-dislpay-1.jpeg?quality=90&amp;strip=all&amp;w=644 644w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-02-carpet-dislpay-1.jpeg?quality=90&amp;strip=all&amp;w=483 483w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-02-carpet-dislpay-1.jpeg?quality=90&amp;strip=all&amp;w=322 322w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-02-carpet-dislpay-1.jpeg?quality=90&amp;strip=all&amp;w=161 161w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-bankrupt-02-carpet-dislpay-1.jpeg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\"\/><figcaption>Persian rug merchants now own ABC Carpet &amp; Home.<\/figcaption><figcaption><span class=\"credit\">ABC Carpet &amp; Home <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a><\/span><\/figcaption><\/figure>\n<\/div>\n<p>ABC\u2019s buyers couldn\u2019t be reached.<\/p>\n<p>888 Capital Partners became a lender to the flailing retailer in early August, agreeing to advance ABC $5.7 million in cash to keep the lights on. The terms of its bid stipulate that it would forgive the bankruptcy loan and some $8.7 million of pre-bankruptcy debt in exchange for ownership of the business should it have the winning bid, according to court papers.<\/p>\n<p>Earlier this month, the retailer\u2019s bankruptcy counsel, Oscar Pinkas of Greenberg Traurig, said at a court hearing that there had been \u201cconsiderable\u201d interest in acquiring the Big <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le business and that the investment advisor, B. Riley had been in touch with \u201c100 interested parties.\u201d<\/p>\n<p>ABC Carpet had lagged other retailers for years in setting up a robust online business. But when the pandemic hit, it was especially vulnerable because its merchandise lends itself to in-store shopping. It has relied heavily on wealthy clientele and tourists who had abandoned the city last year.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-nypost-medium-post\"><img decoding=\"async\" loading=\"lazy\" width=\"322\" height=\"483\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners5.jpg?quality=90&amp;strip=all&amp;w=322\" alt=\"Interior of ABC Carpet\" class=\"wp-image-19894639\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners5.jpg?quality=90&amp;strip=all&amp;w=644 644w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners5.jpg?quality=90&amp;strip=all&amp;w=483 483w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners5.jpg?quality=90&amp;strip=all&amp;w=322 322w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners5.jpg?quality=90&amp;strip=all&amp;w=161 161w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners5.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\"\/><figcaption>ABC Carpet is a tourist destination and lost a lot of that business during the pandemic when visitors stayed away from NYC.<\/figcaption><figcaption><span class=\"credit\">Courtesy of ABC Carpet &amp; Home<\/span><\/figcaption><\/figure>\n<\/div>\n<p>The Post had previously reported that private equity firm, Windsong Global and Burch Creative Capital \u2014 led by Chris Burch, who co-founded Tory Burch LLC \u2014 were interested buyers along with the rug merchants.\u00a0<\/p>\n<p>About a month ago, ABC Carpet began liquidating its pricey inventory, which is going for as much as 50 percent off, including its rugs, according to its website. But the deepest discounts have yet to begun.<\/p>\n<p>\u201cAs we transition, we are saying goodbye to some of our beloved collections,\u201d it\u2019s website says.<\/p>\n<p>A $2,280 \u201cDiamond Orchid\u201d ring is now selling for $1,499 while a vintage 10 X 15 foot Turkish rug that previously cost $15,000 is now listed at $10,850 and vintage French chandelier has been reduced to $1,760 from $2,200.\u00a0\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/10\/22\/abc-carpet-home-is-being-acquired-by-a-persian-rug-dealer\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#ABC Carpet &amp; Home is being acquired by a Persian rug dealer&#8221; After dozens of prospective buyers kicked the tires at bankrupt ABC Carpet &amp; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":356813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/abc-carpet-home-new-owners.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[117868,4978,74114,70470],"class_list":["post-356812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-22-21","tag-bankruptcy","tag-home-decor","tag-retail"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=356812"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/356813"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=356812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=356812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=356812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}