Lord & Taylor parent to acquire Fortunoff

Share this content:
Lord & Taylor parent to acquire Fortunoff
Lord & Taylor parent to acquire Fortunoff

Multichannel jewelry and home furnishings merchant Fortunoff has filed for bankruptcy and agreed to be acquired by NRDC Equity Partners LLC, the owner of Lord & Taylor.

“It has been a difficult retail environment and capital constraints have limited our expansion opportunities,” said Arnold Orlick, CEO of Fortunoff, in a statement.

NRDC said it plans to invest $100 million into the Fortunoff business, making investments in both existing and additional stores. In addition, Lord & Taylor has made a $10 million letter of credit available to enable Fortunoff to continue to purchase inventory. Some of Fortunoff's existing lenders have agreed to provide the company with debtor in possession financing that will be used to run its business during the bankruptcy process pending the sale.

The sale will be accomplished through a bankruptcy process that permits other interested parties to make competing offers. The sale is expected to close in early March.

All of Fortunoff's stores will remain open during the Chapter 11 process.

Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here