Print Edition
August 2010 
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Finlay Files For Chapter 11 |
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Pauline Renaud, August 2009 |
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(06 August 2009)
Jewellery retailer Finlay Entreprises Inc. has filed for Chapter 11 bankruptcy protection and said it plans to sell its assets in a court approved auction. In a statement, the company also explained it appointed Gordon Brothers Retail Partners LLC to act as the “stalking horse” bidder in the auction.
“Although today is a difficult day for all of us at Finlay, we have arrived at this decision after careful analysis and believe it is necessary given the continued challenging economic environment that has resulted in our current business condition,” explained Arthur E. Reiner, Finlay’s chairman and CEO, in a statement.
According to court documents, the company listed assets and debts of between $500m and $1bn.
This bankruptcy filing comes after Finlay saw its first-quarter loss reach $28.7m. The retailer took several cost-cutting measures recently, including closing nearly half of its speciality stores.
Finlay was founded in 1887 in New York, as a mail order jeweller. It currently sells jewellery at about 77 department store locations, and operates 106 stand-alone jewellery stores doing business as Bailey Banks & Biddle, Carlyle & Co. Jewellers LLC, and L. Congress Inc.
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