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Is Fortunoff Going Chapter 11?
According to a report today in Newsday the answer is Yes for this retail jewelry icon.
Observations from retail experts are that its Fortunoff, The Source stores are struggling to keep up its inventory. The red flags were obvious after the first of the month, said Marshal Cohen, chief industry analyst for The NPD Group in Port Washington. Fortunoff, which typically replenishes its post-holiday stock quickly and with the latest items, had large holes in its selection in its flagship Westbury store.
Overall, several Retail Jewelers have reported major problems this past Holiday Season.
1. Freedmans - Chap 11.
2. Omega - Chap 11.
3. Derco - Chap 11.
4. Zales - Reduced sales and store closings
5. Tiffany's - Reported only a 2% sales increase in the 4th Quarter, year over year.
The answer, my friend, is that Change is blowin' in the Wind.
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