Willow Furniture and Design, a Bedford Hills business that has sold furnishings for nearly 30 years, has filed for bankruptcy protection.
Country Willow Ltd., the formal corporate entity, declared nearly $2.6 million in assets and $5.2 million in liabilities, in a Chapter 7 liquidation petition filed in U.S. Bankruptcy Court, White Plains on Feb. 2.
The business booked more than $9.8 million in revenues in 2024. But last year revenues declined by 42% to $5.7 million.
Among the losers, at this point, are 88 customers who deposited nearly $345,000 for goods.
In 1996, Cori and Roy Estrow opened Country Willow, a small furniture shop in Katonah. Eventually they moved to a large showroom in Northern Westchester Plaza, Bedford Hills, and leased a warehouse in Bedford. In 2024, the business was rebranded as Willow Furniture and Design.
Roy Estrow died in 2018. Now Michael Grasso, who married the Estrows’ daughter, Holly, is the president. He lives in Nantucket, Massachusetts, where he operates a cannabis dispensary and a cannabis consulting business.
Country Willow’s main assets include an estimated $1.5 million in inventory, $810,657 in accounts receivable, and $174,079 in a checking account.
It owes more than $3.3 million to Cori Estrow for various loans, $623,203 to Tompkins Community Bank, $344,964 for customer order deposits, $142,000 to the U.S. Small Business Administration, and $90,000 to landlords.
In Chapter 7 bankruptcy, a court-appointed trustee identifies assets that can be sold and distributes the proceeds to creditors.
White Plains attorney Jeffrey A. Reich represents Country Willow.
