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.

close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

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

Relive the 2017 Marketing Hall of Femme

Click the image above