Greycork, a furniture startup based in Providence, Rhode Island, that sought to create a stylish, easy-to-assemble alternative to Ikea, appears to be closing up shop, according to an email sent to Curbed.
According to a tipster:
“I ordered products from Greycork a few weeks ago. Today, I received an email saying my order was cancelled and that I was issued a full refund. I inquired why, and received a message from the cofounder that Greycork is ‘discontinuing all products and winding down operations.’ Interestingly, I visited their website, which just launched a complete visual refresh.”
Here’s a copy of the email from Greycork CEO John Humphrey:
Curbed has reached out to Greycork to confirm, and will update the story as soon as it receives a response. A visit to the Greycork website does show that some items are still available, and the company released a new Floating Shelf on February 2.
Founded by Rhode Island School of Design grads and initially funded via an Indiegogo campaign in 2015, Greycork is one of a number of startups trying to leverage direct shipping (such as Warby Parker or Casper) and technology to revolutionize the furniture market with simple, affordable, high quality, and good-looking sofas, sectionals, shelves, and tables. The company focused on well-designed basics, which it boasted involved less pieces than comparable Ikea products and were therefore quicker and easier to assemble.
If the news is true, it confirms a tough reality of the modern furniture business. Between the high volume, low-cost behemoth that is Ikea, and myriad, high-price high-design boutique offerings lies a challenging middle ground, where it’s harder to make a profit.