Finlay Enterprises Inc. filed a notice with the New York state Department of Labor Monday, listing potential cuts of 226—the total number of its corporate employees in its New York headquarters, according to Crain’s New York.
The retailer is shutting down its department store operations—including shops within Macy’s, Lord & Taylor and Bloomingdale’s—and plans to close 40 of its 674 Bailey Banks & Biddle, Carlyle & Co. Jewelers and Congress Jewelers, according to the report. After closing the department store business, a sector accounting for roughly two-thirds of Finlay’s revenue, Finlay will have no New York City retail presence.
As part of its plan, the retailer will lay off the majority of its 226 employees in New York over the course of a two-week period beginning May 26, but will retain a small group, according to the company that handles public relations for Finlay, according to Crain’s. It did not say if it will continue to keep its headquarters in New York.
In addition, Finlay has already begun moving out of Connecticut, closing a 170-person distribution center in Orange (near West Haven), and moving to Greensboro, N.C., according to a report on MSNBC. However, the story isn’t clear whether the entire business or just the distribution center is moving to North Carolina. Greensboro is the corporate headquarters of Carlyle & Co. (which include JE Caldwell & Co. and Park Promenade Jewellers).
A spokeswoman for Finlay declined comment.