Currently, the company operates stores in Paramus, North Plainfield and Whippany, NJ. In an effort to raise cash, there will be a bankruptcy sale some time this Fall.

In court papers,  Einstein Moomjy listed assets of $2.5 million and liabilities of $4.47 million, about half of that for unpaid rent. Sales so far this year amounted to approximately $921,000, compared to $6.65 million in 2010 and $13.35 million in 2009, according to court papers.

Einstein Moomjy  was founded in 1955 in Bloomfield, NJ by brothers Ted and Ernst Einstein and Walter and Albert Moomjy. The company had its beginnings in 1948, when Ted Einstein opened an Oriental rug shop in an apartment over a butcher shop in  Bloomfield.

After the deaths of Ted and Ernst Einstein in the 1990's, Albert Moomjy devoted himself to the rug importing business, MER Corp. Walter Moomjy became the sole owner of Einstein Moomjy in the late 1990's.

For many years, Einstein Moomjy was known as an industry leader in the creative marketing and merchandising of up-scale rugs and floor coverings.

In the 1990's, the company moved its flagship across the highway to the present free-standing retail campus on Rte. 17 in Paramus. In the late 1990's, the company expanded into the home furnishings business with high end furniture, decorative accessories and home textiles. That store was closed last year.

Einstein Moomjy at one time operated six stores in New Jersey and Manhattan. The company closed its Manhattan store last year. It was the last of a series of locations the company operated in the upper east side designer district of New York City.

Einstein Moomjy may continue to operate in North Plainfield and Whippany. The lease on the Paramus store expires in February, according to a report in the Bergen County Record.