202:. The sale was estimated to include Fortunoff's debt of approximately $ 60 million. Industry analysts speculated that a likely result of the buyout by NRDC would bring Fortunoff-branded jewelry and home furnishings departments into most if not all of the 47 current Lord & Taylor locations. This list includes the department store's flagship Fifth Avenue location, where such holdings could exceed 100,000 square feet (9,300 m) in sales floor area—approximately one sixth of the total area of the store. The NRDC deal closed in March 2008. NRDC also released statements about intentions of infusing an additional $ 100 million in capital to Fortunoff and expanding the chain to over 50 stores. NRDC never followed through investing the planned capital needed to rescue the brand.
1179:
117:
Fortunoff
Backyard Stores, under a license to Furniture Concepts, now operates 33 Fortunoff Backyard Stores in New York, New Jersey, Connecticut, Delaware, and Pennsylvania. Combined with its parent company in Texas, Chair King, it is believed to be the largest independent outdoor furniture dealer in
265:
laws. It was further alleged that many of
Fortunoff's vendors were lured into shipping increased consignments of merchandise and goods for the Fortunoff/Lord & Taylor venture prior to the abrupt bankruptcy filing one year and a day after NRDC's purchase of the company. The timing of the filing
256:
bankruptcy, citing a weak 2008 holiday season, ballooning costs in its partnership with Lord & Taylor and reduced borrowing capacity due to the recession. Officials at
Fortunoff originally hoped to sell the luxury-goods chain. Finding no takers, layoffs began on February 12, 2009, at the
113:
The company started as a home, jewelry and furniture retailer founded in 1922 by Max and Clara
Fortunoff. After being sold to private equity companies in 2005 and 2009, the company was re-purchased by the Fortunoff and Mayrock families, who have relaunched the outdoor furniture and jewelry
24:
324:
allowing
Furniture Concepts to sell Fortunoff-branded outdoor furniture. As part of this agreement, Furniture Concepts reopened the chain's former Backyard Store unit. As of 2018, Furniture Concepts operates Fortunoff Backyard Stores in
296:
and the Kier Group. However, several members of the founding family remained involved in the management and operation of the company. The sale, which originally was to have closed in
December 2004, eventually closed in July 2005.
276:
The chain began liquidating all of its stores on
February 25, 2009; the sales concluded a little more than three months later in the first week of June 2009. When the company was in process of being liquidated, plans to brand
312:. As a result of that effort, in July 2009, the Fortunoff brand and intellectual property were reacquired by David Fortunoff and members of the Fortunoff and Mayrock families with the possibility of relaunching the brand.
164:. In addition, Fortunoff operated 16 specialty stores: Jewelry and fine gifts were offered at the chain's shops on 57th Street in Manhattan, which closed in February 2009, and were also offered at Fortunoff's
281:'s fine jewelry and home-furnishing departments under the Fortunoff brand were canceled. SimplexDiam Inc. of New York City was entrusted with auctioning the residual diamonds from the fine jewelry division.
369:
1241:
1236:
1216:
321:
292:
The
Fortunoff and Mayrock families, descendants of the founders, owned 100% of the company until November 2004, when a 75% interest in the company was acquired by
273:
On
February 17, 2009, Fortunoff stopped accepting its gift cards as payment, angering customers. A bankruptcy auction was scheduled for February 23, 2009.
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495:
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In 2010, Esther
Fortunoff launched fine jewelry online, followed by a retail store in 2014 near the site of the former location at the
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521:
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261:. A class-action lawsuit against Fortunoff was filed by laid-off employees who alleged violations for federal and state
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152:
Fortunoff had four full-line stores in the chain. In addition to the Westbury flagship, these stores were located in
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Fortunoff now continues to do business as an online jewelry retailer and operates its Fortunoff Backyard Stores.
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370:"Chair King / Fortunoff Backyard Store Announces 50 Store Total And Consolidation Of Corporate Office"
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187:
The following years saw Fortunoff continue to struggle, and on February 4, 2008, the chain filed for
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During the spring of 2009, CONSOR Intellectual Asset Management was retained to sell the Fortunoff
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100 million sale to NRDC Equity Partners, the parent company of longtime New York retailer
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8:
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172:. Indoor and outdoor furniture were the focus of another 14 stores throughout New York,
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allowed NRDC's Fortunoff "shell" companies, created during the initial purchase, a
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Fortunoff Fine Jewelry, licensed by Esther Fortunoff, operates a single store in
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814:
438:"Fortunoff files bankruptcy, agrees to $ 100M sale to Lord & Taylor owner"
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633:"Press Release: Fortunoff families re-acquire the Fortunoff brand"
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23:
210:
34:
868:
301:
95:
184:; these stores were known as "Fortunoff Backyard Stores".
320:
In September 2009, the company reached an agreement with
141:, New York. The chain's flagship store opened in 1964 in
620:
1242:
Companies that filed for Chapter 11 bankruptcy in 2009
1237:
Companies that filed for Chapter 11 bankruptcy in 2008
133:
The original Fortunoff store was on Livonia Avenue in
610:
The domain www.jckgroup.com is registered by NetNames
658:"Fortunoff to Re-Launch With Online E-Commerce Site"
110:–based retailer of outdoor furniture and jewelry.
168:location. A clearance center was also operated in
756:
1217:Defunct department stores based in New York City
1193:
498:. Chain Store Age. July 15, 2008. Archived from
742:
572:"Fortunoff liquidation could begin this week"
382:
149:which was built around the Fortunoff store.
548:"Fortunoff files for Chapter 11 bankruptcy"
1252:2009 disestablishments in New York (state)
1232:Companies based in Nassau County, New York
749:
735:
522:"Hudson's Bay eager to log on to new era"
252:On February 5, 2009, Fortunoff filed for
1212:Retail companies disestablished in 2009
467:
1202:American companies established in 1922
1194:
730:
545:
468:Barbaro, Michael (January 31, 2008).
1247:1922 establishments in New York City
1207:Retail companies established in 1922
470:"Ailing Fortunoff Attracts a Suitor"
13:
1222:Private equity portfolio companies
706:"Furniture Concepts press release"
217:. The new combined company called
14:
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385:"FORTUNOFF IS POISED FOR TAKEOFF"
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1177:
270:position above other creditors.
22:
698:
672:
650:
625:
614:
603:
586:
496:"NRDC Acquires Hudson's Bay Co"
410:"Fortunoff Chapter 11 Petition"
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546:Humer, Caroline (2009-02-05).
539:
514:
488:
461:
430:
402:
383:James Covert (March 3, 2008).
376:
362:
213:'s 338-year-old retailer, the
1:
355:
79:Outdoor Furniture and Jewelry
927:Hudson's Bay Trading Company
287:
219:Hudson's Bay Trading Company
7:
315:
221:was composed of Fortunoff,
10:
1268:
257:Fortunoff headquarters in
170:East Garden City, New York
128:
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1144:
1109:
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902:
801:
794:(1978–2020, 2023–present)
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294:Trimaran Capital Partners
194:along with accepting the
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83:
75:
55:
40:
30:
21:
942:North-Western Territory
322:Furniture Concepts, LLC
227:Creative Design Studios
1227:Shops in New York City
915:Rupert's Land Act 1868
158:Woodbridge, New Jersey
154:White Plains, New York
147:The Mall at the Source
306:intellectual property
143:Westbury, Long Island
1162:NRDC Equity Partners
957:York Factory Express
758:Hudson's Bay Company
597:May 4, 2006, at the
215:Hudson's Bay Company
207:NRDC Equity Partners
833:I. G. Baker Company
259:Uniondale, New York
18:
937:North West Company
475:The New York Times
350:Mall at the Source
123:Westbury, New York
16:
1189:
1188:
1140:
1139:
1016:Fort Chesterfield
920:Deed of Surrender
893:Lord & Taylor
777:Saks Fifth Avenue
686:on 10 August 2014
660:. August 11, 2010
502:on 19 August 2014
372:. March 14, 2018.
310:intangible assets
279:Lord & Taylor
223:Lord & Taylor
200:Lord & Taylor
166:Paramus Park Mall
162:Wayne, New Jersey
101:
100:
96:www.fortunoff.com
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1181:
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963:
962:
765:Current holdings
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744:
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728:
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720:
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708:. Archived from
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695:
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691:
682:. Archived from
680:"Jewelry Stores"
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670:
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647:
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644:
635:. Archived from
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524:. Archived from
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446:. Archived from
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268:secured creditor
87:Fortunoff family
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1167:Rewards program
1152:Company archive
1136:
1122:Mackinaw jacket
1105:
1086:Princess Louise
961:
898:
887:Home Outfitters
881:Galeria Kaufhof
802:Former holdings
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243:Home Outfitters
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1145:Related topics
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815:Designer Depot
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574:. Feb 24, 2009
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233:'s divisions:
205:In July 2008,
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1127:Point blanket
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947:Trading posts
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932:New Caledonia
930:
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910:Rupert's Land
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712:on 2010-02-08
711:
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685:
681:
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639:on 2009-08-24
638:
634:
628:
622:
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611:
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549:
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528:on 2008-05-16
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464:
450:on 2008-03-02
449:
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390:
389:New York Post
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126:
125:and online.
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118:the country.
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114:categories.
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952:Pemmican War
869:Kmart Canada
820:
782:Saks Off 5th
772:Hudson's Bay
714:. Retrieved
710:the original
700:
688:. Retrieved
684:the original
674:
662:. Retrieved
652:
641:. Retrieved
637:the original
627:
616:
605:
588:
576:. Retrieved
566:
555:. Retrieved
551:
541:
530:. Retrieved
526:the original
516:
504:. Retrieved
500:the original
490:
479:. Retrieved
473:
463:
452:. Retrieved
448:the original
441:
432:
420:. Retrieved
417:PacerMonitor
416:
404:
392:. Retrieved
388:
378:
364:
347:
343:Pennsylvania
319:
308:and related
299:
291:
283:
275:
272:
251:
226:
209:, purchased
206:
204:
186:
182:Pennsylvania
151:
132:
120:
116:
112:
103:
102:
56:Headquarters
1051:Mount Royal
895:(2012–2019)
889:(1998–2019)
883:(2015–2018)
877:(2015–2018)
859:(1990–1991)
853:(1978-1991)
847:(1960-1972)
841:(1972-1973)
829:(1978–2012)
823:(2008–2009)
817:(2004–2008)
811:(1972–1982)
335:Connecticut
178:Connecticut
135:Brownsville
65:Long Island
1196:Categories
1093:Strathcona
1037:Labouchere
863:Woodward's
716:2009-09-25
643:2009-09-02
557:2020-02-10
532:2011-01-14
481:2008-01-31
454:2008-02-04
356:References
331:New Jersey
254:Chapter 11
229:, and the
192:bankruptcy
189:Chapter 11
174:New Jersey
1132:York boat
1110:Equipment
1100:Vancouver
821:Fortunoff
809:Shop-Rite
787:SaksWorks
690:17 August
664:17 August
578:17 August
506:17 August
394:17 August
288:Ownership
104:Fortunoff
61:Uniondale
17:Fortunoff
1183:Category
1058:Nascopie
1030:Hazelton
1009:Columbia
988:Baychimo
851:Simpsons
845:Morgan's
839:Freimans
595:Archived
339:Delaware
327:New York
316:Relaunch
263:WARN Act
139:Brooklyn
108:New York
76:Products
69:New York
31:Industry
1079:Pelican
1065:Nonsuch
1023:Grahame
1002:Cadboro
974:Aklavik
903:History
792:Zellers
552:Reuters
443:Newsday
239:Zellers
235:the Bay
129:History
92:Website
46: (
41:Founded
1117:Capote
995:Beaver
871:(1998)
865:(1993)
857:Towers
835:(1891)
827:Fields
621:CONSOR
247:Fields
245:, and
211:Canada
160:; and
35:Retail
1072:Otter
966:Ships
422:9 May
413:(PDF)
302:brand
106:is a
84:Owner
1157:Flag
1044:Maud
875:Gilt
692:2014
666:2014
580:2014
508:2014
424:2016
396:2014
341:and
180:and
48:1922
44:1922
231:HBC
1198::
550:.
472:.
440:.
415:.
387:.
352:.
345:.
337:,
333:,
329:,
304:,
249:.
241:,
237:,
225:,
196:$
176:,
156:;
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67:,
63:,
750:e
743:t
736:v
719:.
694:.
668:.
646:.
582:.
560:.
535:.
510:.
484:.
457:.
426:.
398:.
50:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
