Fortunoff Liquidation Sales Start Tomorrow

by Deidre Woollard (RSS feed)
Feb 25th 2009 at 8:02PM

Luxury jeweler and home goods retailer Fortunoff has been sold for more than $85 million and the new owners will be liquidating the stores goods. Final sales start tomorrow. A group of seven liquidators Great American Group, Hudson Capital, SB Capital, Tiger Capital, Kimco Realty Services, and jewelry liquidators Bobby Wilkerson Inc and The Gordon Company got final court approval on the sale yesterday. Newsday quotes Scott Bernstein, principal of SB Capital as saying that the sales will continue "until everything is sold."

Some former employees are being called back in to help with the sale which is expected to take around a month or two. Discounts will increase as the weeks go by. And good news for gift card holders, the liquidators have said they will be honored for a certain period of time. It's a sad end to a company which outlasted two World Wars and the Great Depression. The company went in to bankruptcy last year, was bought by NRDC Equity Partners but then filed Chapter 11 again on February 5. It was hoped that a new owner could help the company stay in business but no such offer was forthcoming and so liquidation was the only option.

Tags: fortunoff, liquidation