JCK Exclusive: Finlay Sales Approved



finlay_logo.gifA judge has approved sales of stores and other assets that formerly belonged to Finlay Enterprises.

Approval of the sales had been delayed after complaints about the auction process were raised by Zale Corp. Zale was an unsuccessful bidder for the intellectual property of Bailey, Banks & Biddle. But the judge ultimately ruled the sales could go ahead.

Among the purchases were stores in the Carlyle & Co. and Congress Jewelers chains, which had been purchased by Finlay in the years prior to its bankruptcy.

The list of purchasers include:

Adamas Partners, a group that sources said includes the former owners of Carlyle and Co., purchased 14 Carlyle store leases, as well as all the fixtures, furniture and equipment in those stores. It also won the intellectual property of Carlyle & Co. Jewelers, Park Promenade, and J.E. Caldwell & Co. It also agreed to enter into two-year lease, at market rent, for the Carlyle headquarters in Greensboro, North Carolina.

S. Congress Fine Jewelers, owned by Scot Congress, formerly of Congress Jewelers, purchased the lease and fixtures for the L. Congress store in Sanibel, Fla., as well as the intellectual property for L. Congress Jewelers.

Murphy Jewelers, Pottsville, Penn., purchased the fixtures and lease for the Carlyle store at Saucon Valley, Penn.

Company president Patrick Murphy told JCK that he plans to add the store to his two-store chain.

"I love the area and it fits into our business plan," he said.

Fink’s Jewelers, Roanoke, Va., purchased the fixtures at the Bailey, Banks & Biddle store at Tyson Corner, Va.

General Growth Properties bought the fixtures for the Bailey store at Shops at La Cantera in San Antonio, Tex.

Govberg Jewelers, Philadelphia, bought the fixtures at Carlyle & Co. Jewelers in Wilmington, Del., and the Bailey, Banks & Biddle store in Beachwood, Ohio.

The Forbes Company bought the fixtures and the lease for the Bailey, Banks & Biddle storesin The Gardens, Palm Beach Gardens, Fla., and Somerset in Troy, Mich.

Helzberg Diamond Shops and Ben Bridge Jewelers, both owned by Berkshire Hathaway, won the Bailey, Banks & Biddle and Carlyle and Co. customer lists.

Hamilton Jewelers Insignia and Corporate Gifts won J.E. Caldwell’s Daughter of the American Revolution Business.

Synergies Corp. won the intellectual property for Bailey, Banks & Biddle.

A PDF listing the sales can be downloaded here.