The 88-year-old Capital Iron filed for bankruptcy in mid-December, citing debts of more than $4.29 million and assets of $548,001.
Capital Iron will reopen its Store Street doors this fall after the new owner struck a deal with Reliance Properties for the landmark waterfront store to return to its old digs.
Aram, who bought the name in January in a deal worked out with the trustee overseeing Capital Iron’s bankruptcy, intends to open a new Capital Iron store this year. Aram had initially tried to secure a high-profile site that had been home to a car dealership, but a deal could not be reached. The redevelopment seeks to tear down existing buildings, except for three heritage sites, including Capital Iron, to make way for industrial and commercial space, offices, residential units, live and work units for artists, and public open space.
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