Holiday liquidation sales total $122M for Finlay |
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2/4/2010 8:04:27 PM
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New York--A filing with the Securities and Exchange Commission (SEC) shows that holiday sales added up to $122.54 million for bankrupt Finlay Enterprises Inc., which liquidated Bailey Banks and Biddle and two other jewelry chains.
According to the SEC filing, between Nov. 29 and Jan. 2, 2010, Finlay sold $122 million in merchandise and brought in revenues of $537,000 for repairs during its standalone stores' going-out-of-business sales.
By comparison, for the fiscal year 2008 ended Jan. 31, 2009, sales from Finlay's standalone operations, including Bailey Banks and Biddle, the brands under the Carlyle and Co. umbrella and Congress Jewelers, totaled $309.7 million.
Finlay carved out a niche for itself in the jewelry business as the operator of licensed jewelry departments in chains such as Macy's and Bloomingdale's but as contracts expired in recent years, Finlay pulled out of that business and instead concentrated on its standalone operations.
Like so many other retailers, Finlay was unable to withstand the downturn in consumer spending and credit crunch brought about by the recession.
The company filed for Chapter 11 bankruptcy protection on Aug. 5 and its assets eventually ended up in the hands of liquidation firm Gordon Bros. Retail Partners LLC, which begin shuttering all of Finlay's stores in September.
During the store's going-out-of-business sales, Gordon Bros. maintained an online list of stores that were still open at GBCorp.com/Finlay.
Stores were removed from the list as they closed.
As of Thursday, the Web site appeared to have been taken down, suggesting that all Finlay's stores might already be closed, but Gordon Bros. spokesperson Craig Venezia could not immediately be reached for confirmation.
In an earlier interview, he told National Jeweler that the stores would remain open until all the merchandise was sold.
"Certain stores ... could stay open as late as the end of February if inventory is still available," he said. |
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