ABC Carpet & Home (New York) has filed for Chapter 11 bankruptcy this week, according to Forbes. The homewares store has long served as a shopping staple in New York for locals and visitors.
Management for the store cites Covid-19 as the main reason for this move. Issues such as store closures during lockdown, shipping and supply delays, and difficulties in finding more investors were all listed as part of the reasons.
CEO Arron Rose said the company owes around $3.5 million in back rent. He hopes the Chapter 11 filing will attract investors interested in renewing the business.