Report: Zell Brothers May Not Close

Iconic Portland jeweler Zell Bros. may not be closing, as originally reported.

 

According to the Oregonian, the store’s owner, Finlay Enterprises, has signed a lease with landlord Harsch Investment Properties through Dec. 31.

 

As JCK reported, Harsch launched a lawsuit against Finlay when it looked like the store might close, accusing it of not fulfilling its obligations.

 

Finlay has publicly said that, because of its financial difficulties, there is “significant doubt” whether “it can continue as a going concern.” Last month, it announced it was launching a “formal process” to sell its business or assets.

 

However, Harsch’s president told the Oregonian that Finlay CEO Art Reiner told him the company had brought down its debt from $375 million to $90 million.

 

Finlay is part of the Bailey, Banks and Biddle chain, which Finlay purchased in 2007.