Fortunoff Goes Chapter 11, May Be Purchased by Lord & Taylor

The owner of the Lord & Taylor department store chain plans to buy Fortunoff, the famed 20-store jewelry and home furnishing retailer, which has stores in New York and New Jersey. NRDC, which purchased the 182-year-old Lord & Taylor in 2006, expects to place Fortunoff merchandise in all 47 of its Lord & Taylor stores, as well as open a large Fortunoff boutique within Lord & Taylor's flagship Fifth Avenue location in New York, and make the company a “national chain,” reports say. To effect the transaction, Fortunoff filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. The filing means other buyers could conceivably bid for the company. The company lists total assets as $267 million and total liabilities as $305 million. The filing says sales have fallen from $482 million in 2004 to $442 million in 2007. Trade creditors include Kama Jewelry (
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