Finlay Enterprises, Inc, said Wednesday that it has signed a three year extension of its agreement with Bloomingdale’s, Inc., extending the current contract from February 2007 to Jan. 30, 2010, while maintaining the current rent provisions.
Finlay, the largest operator of licensed fine jewelry departments in department stores in the U.S., has been operating the fine jewelry departments at Bloomingdale’s since 2000. In addition to the 30 Bloomingdale’s departments Finlay currently operate, it anticipates opening five new Bloomingdale’s doors during 2006 and 2007.
“This agreement is a recognition of our strong performance in Bloomingdale’s over the past six years and further demonstrates the strength of Finlay’s core business model and the value we bring to our licensing partners,” said Arthur E. Reiner, Finlay chairman and chief executive officer.
Finlay Enterprises, Inc., through its subsidiary, Finlay Fine Jewelry Corp., operates jewelry departments in 957 stores, including 32 Carlyle specialty jewelry stores, and had sales of $990.1 million in fiscal 2005.
Bloomingdale’s is a subsidiary of Federated Department Stores, Inc.