TGS Inc. acquires Reed Space following store closure

By

Obi Anyanwu

Published
Oct 6, 2016

Lower East Side retailer Reed Space closed its doors for the last time on September 30. And one week after its final business day, the lifestyle retailer found a buyer. Reed Space founder Jeff Ng, better known as Jeff Staple, confirmed via social media that the retailer has been acquired by TGS Inc., the parent company of Extra Butter, Rise and Rooted.

 
As per the acquisition, Reed Space will return and Staple will serve as Creative Director working alongside Extra Butter co-founders Bernie Gross and Jason Faustino.
 
“I am honestly not prepared to share what Reed Space 2.0 will specifically be like yet,” Staple said. “But I can share what it won’t be. It won’t be a place that just sells stuff to you.”

Staple opened the doors to Reed Space in December 2001 and quickly became the curator of cool in New York City’s Lower East Side neighborhood. In a statement for the store’s closing, Staple said, “In the 15 years since [Reed Space opened], times have changed tremendously. Our subculture has blossomed into an industry titan. We were once the outcasts. Now we’re the poster children. We literally “started from the bottom” & it has been an incredible journey! But we now feel it’s time for a complete reset. In 2001, we redefined what Retail meant. What Curation meant. What a Community Space meant. We now feel it is time to redefine once again.”
 
Reed Space 2.0 currently does not have an opening date, but Chase Ceparano, co-owner of Rise, told the American press that the new Reed Space will “focus more on design and lifestyle than a direct retail experience.”