Fortunoff Brands L.L.C. just launched an informational company web site following the July announcement of the families”™ reacquisition of the brand.
The web site noted all stores are currently closed; site content includes: a company timeline, Facebook and Twitter links, background information and contact capabilities.
“There are no current plans for the reopening of the stores,” spokesman Gary Lewi of Rubenstein Associates said. “The reacquisition of the brand by the family merely provides them with the option of looking at potential business models in the months and years to come. Suffice to say, they were terribly disappointed that the previous owners of the company felt compelled to close their doors but, by making this acquisition, the family will now have the opportunity to determine the future of the brand in a 21st century retail environment.”
The retailer in February filed for Chapter 11 bankruptcy protection and cited lessened consumer spending and weak holiday sales as contributing factors.
Fortunoff”™s 20 store locations in New York, New Jersey, Connecticut and Pennsylvania were liquidated.
About a year prior, Purchase-based NRDC Equity Partners, which owns Lord & Taylor had purchased the home furnishings and jewelry company for $110 million.
The transaction included a $30 million contribution, which was intended to cover the company”™s customer obligations.
Future plans for the Fortunoff brand could coincide with the course of the economy.
“It is clear that retail is a bellwether of consumer confidence and disposable income,” said David Fortunoff, president, in a statement. “Against that backdrop we intend to proceed with deliberate caution in determining where, when and how we utilize this powerful retail brand as the recession takes its course.”
