Finlay continues to consolidate certain of its underperforming specialty stores

17 Jun '09

2 min read

Finlay Enterprises Inc, a leading retailer of fine jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States, provided an update on the execution of its strategic plan. The Company continues to execute on its previously announced plan to exit the department store channel, consolidate certain of its underperforming specialty stores and reorganize around its better performing specialty stores.

In a parallel work effort, as a result of several inquiries regarding potential transactions, the Company has initiated a formal process whereby parties may indicate their interest in the Company's business or assets. The Company has previously received unsolicited interest from a number of financial and strategic investors and is interested in exploring these and any other interests that develop. The Company retained Alvarez & Marsal as financial advisor in February, 2009 and appointed David Coles of A&M as its Chief Restructuring Officer. A&M is managing the process, reporting to the Company's Board of Directors.

The Company's principal business is fine jewelry retailing and it operates 107 specialty stores under the names Bailey Banks & Biddle, Carlyle, J.E. Caldwell, Park Promenade and Congress Jewelers. The Company is headquartered in New York City with Carlyle maintaining a regional office together with a repair and distribution function in Greensboro, NC. The Bailey Banks & Biddle locations are supported by a distribution center and jewelry repair facility in Orange, CT.

Finlay Enterprises Inc

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