Finlay’s Future in Doubt
By JCK Online Staff -- JCK Online, 7/1/2009 2:00:00 AM
Noting that it has already defaulted on its latest credit agreement, Finlay said in its latest filing that there were “substantial doubt[s]” about its “ability to continue as a going concern.”
“We experienced a significant operating loss in 2008 and are expected to have an operating loss in 2009,” the company said. “We are in default of certain covenants under the Revolving Credit Agreement. … If we cannot resolve some or all of these factors, we may be unable to maintain a level of liquidity necessary to continue to operate our business.”
Finlay posted a loss of $107.3 million for 2008. The company already announced a major reorganization in February, which involved exiting its long-standing leased department business and forming a chain of high-end stores from the Bailey, Banks and Biddle; Carlyle; and Congress Jewelers chains.
The 108-store chain also said it was closing approximately half of its stores—more than the 40 it originally announced.
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GOOD RIDDANCE TO THAT HOME OFFICE. I WORKED FOR CARLYLE AND COMPANY BRIEFLY AND IT WAS THE WORST PLACE I HAVE EVER WORKED AND SOME OF THE HOME OFFICE STAFF ARE PEOPLE THAT ARE NOT FIT TO BE AMONG DECENT SOCIETY. THEY DESERVE TO BE UNEMPLOYED AND REMEMBER... IT MAY TAKE A WHILE BUT WHAT GOES AROUND COMES AROUND!
SASSA SINATRA - 2009-13-9 16:50:13 EDT -
Isn\'t it amazing that Finlay is closing the Greensboro office when the associates and management team located there are the only ones in the entire Finlay organization (and this has been proven time and again) that can manage a high end jewelry business and make a profit? If the bad management decision by Art and crew had not hurt so many people, it could actually be turned into a comedy. Art to be played by Rodney Dangerfield...
