Fortunoff GOB sales start tomorrow

-- Home Textiles Today, 2/25/2009 1:02:00 PM

Westbury, N.Y. – After 87 years in business in the Northeast U.S., fine jewelry, housewares and home furnishings retailer Fortunoff will see its inventory liquidated under a court-ordered bankruptcy sale starting tomorrow, Feb. 26.

The sale will include all 20 store locations in New York, New Jersey, Connecticut and Pennsylvania in the wake of Fortunoff’s Chapter 11 filing and the successful bid by a consortium of liquidators led by Great American Group.

The inventory is valued at about $212 million, said Fortunoff Holdings, LLC, the retailer’s parent firm controlled by NRDC Equity Partners, which bought the chain out of a pre-packaged bankruptcy in early 2008. Fixtures will also be sold.

Yesterday the U.S. Bankruptcy Court for the Southern District of New York approved the sale of Fortunoff assets to a joint venture comprising Great American Group, LLC; SB Capital Group, LLC; Tiger Capital Group, LLC; and Hudson Capital Partners, LLC; along with jewelry liquidators Wilkerson and Associates and The Gordon Co.