NRDC Equity Partners, which owns Lord & Taylor, bought the Fortunoff chain out of bankruptcy in March. The private equity firm said it will close Fortunoff’s West 57th Street after Christmas to accommodate the move to the ground floor of the Lord & Taylor flagship, the Post reports.
The new boutique, with its own separate doorway on Fifth, is scheduled to open in February, the Post reports. It will occupy the north end of Lord & Taylor, replacing the jewelry sales floor.
Fortunoff’s 57th Street store opened a year ago, following a move from its longtime Fifth Ave location.
The move is part of a plan to double Fortunoff’s size over the next five years as NRDC, headed by New York real estate mogul Richard A. Baker, introduces the brand to the 47 Lord & Taylor U.S. stores, the Post reports. In addition, NRDC aims to expand the chain into Canada, home of the Hudson’s Bay retailer that the firm bought earlier this year.