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Fortunoff Goes Chap. 11
Jewelry retailer Fortunoff announced today that the company has agreed to sell the business to an affiliate of NRDC Equity Partners, which owns the Lord and Taylor department store chain.
Fortunoff has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code, which allows the retailer to reorganize its finances without the threat of creditor's lawsuits.
The sale will be accomplished through a bankruptcy process that allows other interested bidders to make competing offers. Subject to the approval of the bankruptcy court and other customary conditions, the sale is expected to close in early March.
In conjunction with the bankruptcy filing, Lord and Taylor has made available a $10 million letter of credit to enable Fortunoff to continue to purchase inventory. In addition, some of the company's existing lenders have agreed to provide Fortunoff with debtor-in-possession financing that will be used to run its business during the bankruptcy process pending the sale.
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