Report: Fortunoff … On the Verge? (UPDATE – Or Bought?)

According to WWD.com, which quotes “financial sources,” Fortunoff “has stopped paying its bills in recent weeks and could be considering Chapter 11 bankruptcy court protection as well as other options to reorganize its business.”   The article notes that Chapter 11 is “just one option” and the Fortunoff family has assets to sell. 

Even so … yikes! I’d heard some rumblings of this — and Fortunoff was on last week’s JBT Frequent Inquiry list — but this would be shocking news. Whenever friends asked me for a retailer to recommend, Fortunoff generally topped the list. It also recently opened stores in Atlantic City and Staten Island — though those were for furniture (its other business), rather than jewelry. Sign of the times?

We’ll watch this, and let you know anything more …

UPDATE: Things seem to be moving fast. This New York Times article says Lord and Taylor may buy Fortunoff. It also notes “several bidders” who have expressed interest. Things seem a little less bleak…

JCK News Director