Fortunoff Purchased for $100 Million

Furniture World Magazine

New York Newsday reported that Fortunoff, the 85 year old New York based retailer, "has filed for bankruptcy protection and agreed to be acquired for $100 million by the owners of the venerable Lord & Taylor - the second change in ownership for the Westbury-based home furnishing and jewelry chain in just more than two years." More details about how competition from discount competitors, mounting debt and problems securing merchandise facilitated the filing and purchase from Trimaran Capital Partners and Kier Group of Manhattan, go to http://www.newsday.com. About Fortunoff: Fortunoff provides customers with necessities and niceties: fine jewelry and watches, antique jewelry and silver, everything for the table, fine gifts, home furnishings including bedroom and bath, fireplace furnishings, housewares, and seasonal shops including our outdoor furniture shop in summer and an enchanting Christmas Store in the winter. The company operates some 20 satellite stores in the New Jersey, Long Island, Connecticut and Pennsylvania markets featuring outdoor furniture and grills during the Spring/Summer season and indoor furniture (and in some locations Christmas trees and décor) in the Fall/Winter season.