Like Tiffany & Co., the watch retailer has been hurt by its proximity to the Trump Tower
Watch retailer Tourneau is up for sale, according to a report in Debtwire.
The news service reported that Leonard Green & Partners, owner of the 31-store company, has engaged Houlihan Lokey to conduct the sale.
A later report in the New York Post goes even further, quoting a source close to the company as indicating that “Tourneau is trying to sell itself to a buyer who would likely acquire the watchmaker in a prepackaged bankruptcy.”
So far no buyers have come forward for the 116-year-old company, the newspaper said.
Like Tiffany & Co., Tourneau’s 57th Street flagship has been hurt by its proximity to Trump Tower, the paper writes, in that the commotion around the president-elect’s residence has cost it $2 million in sales.
Tourneau’s press contact did not respond to a request for comment.