New York luxury furniture purveyor ABC Carpet & Home plans to file for bankruptcy protection as soon as Thursday after struggling to keep up with costs amid the COVID-19 pandemic, Bloomberg News reported. The luxury furniture retailer is set to receive a debtor-in-possession loan from 888 Capital Partners as part of its bankruptcy filing. The investment firm is one of several potential buyers for the company in bankruptcy. ABC Carpet & Home has been working with advisers from B. Riley Financial Inc. and Greenberg Traurig to seek new financing or a buyer after a planned private-equity sale fell through, Bloomberg previously reported. In a statement to Bloomberg, Chief Executive Officer Aaron Rose said the business would continue to operate as usual. “ABC carpet & home is in advanced discussions with a strategic investor who has provided funding for the company’s operations and is developing a long-term financial plan that will continue the company’s iconic legacy,” Rose said. “Business is operating as usual during this process.” The company’s popular restaurant business, including ABC Kitchen, wouldn’t be included in the bankruptcy.
