Will Anyone Buy Fortunoff?
I wrote last week about the problems facing Fortunoff, the fine jewelry and furniture retailer. Now as National Jeweler reports, a bankruptcy court judge had decided to allow Fortunoff Fine Jewelry and Silverware LLC's request to auction off its assets (aside from goods obtained on consignment) later this month. The auction is being pushed through quickly partially because Fortunoff is facing a major liquidity crisis and needs help fast if it is to continue as a going concern, the brand has been actively seeking a buyer. The auction will take place at the offices of law firm Sidley Austin LLP, 787 Seventh Ave. in Manhattan on February 23. Those who want a chance to bid on Fortunoff's assets must submit a qualified bid in writing to the offices of Sidley Austin LLP on or before Feb. 19 at 4:00 p.m. The company could be sold in its entirety or a separate bidder could emerge for the company's inventory. Fortunoff is seeking to continue to run an ongoing business but if no buyer emerges then it will likely face liquidation. Finding someone to buy Fortunoff seems an iffy proposition at best currently, especially considering the fact that Fortunoff's main categories of furniture and jewelry are two of the hardest hit sectors. A special website has been set up with information on the bankrptcy filing.