Jewelry and home furnishings retailer Fortunoff Holdings LLC, which has been in operation for more than 87 years, will conduct a court-ordered bankruptcy liquidation sale beginning Sept. 26, according to a statement issued by The Gordon Co., one of a group of seven liquidation companies that won an auction to manage the liquidation.
The sale—which will include all 20 store locations in New York, New Jersey, Connecticut, and Pennsylvania—was ordered by the bankruptcy court as a result of Fortunoff’s Chapter 11 filing earlier this month.
In what will be the most significant sale in Fortunoff’s long and storied history, inventory valued at approximately $212 million will be completely liquidated. Customers will find tremendous savings on everything in the store, including fine jewelry and watches, antique jewelry and silver, everything for the table, fine gifts, home furnishings including bedroom and bath, fireplace and outdoor furnishings.
In addition to jewelry liquidator The Gordon Co., the joint venture group of liquidation companies managing the sale are: Great American Group, LLC; SB Capital Group, LLC; Tiger Capital Group, LLC; and Hudson Capital Partners, LLC; along with jewelry liquidator Wilkerson and Associates.
“These are unprecedented economic times, and it’s unfortunate that after all these years, a New York icon like Fortunoff is going to close and people are going to lose their jobs,” said Harvey M. Yellen, chairman of Great American Group. “Fortunoff has been a destination for fine jewelry, home goods, and gifts at incredible value, and the going out of business sale will offer a final opportunity to purchase this quality merchandise at even greater discounts.”
Bobby Wilkerson, president of Wilkerson and Associates added, “Since 1922 consumers have looked to Fortunoff for its quality, selection, and value of fine jewelry. This liquidation sale is affording an excellent opportunity to shop for quality jewelry and watches at incredible value.”
In addition to the merchandise liquidation of Fortunoff, all store fixtures throughout the chain will also be sold.
Fortunoff has been operating under Chapter 11 of the Bankruptcy Code since Feb. 5. Fortunoff is owned by NRDC Equity Partners, a private equity firm that bought the retailer out of an earlier bankruptcy in March 2008.