Finlay Enterprises
Encyclopedia
Finlay Enterprises Inc. is a holding company based in New York that conducted business through its wholly owned subsidiary "Finlay Fine Jewelry". It was founded in 1887. Finlay Enterprises Inc. filed for Chapter 11 bankruptcy in August, 2009.
Finlay operated the fine jewelry departments in many department stores. The department space was leased to Finlay. The number of locations Finlay operated at the end of the second quarter ended August 1, 2009 totaled 182, including 67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty jewelry stores and 77 licensed departments with The Bon Ton.
Finlay operated in department store groups such as Macy's
Inc. (Formerly Federated Department Stores), Bloomingdale's
, Bon Ton Department Stores, Lord & Taylor
, Dillard's
, and Gottschalks
. The company also owned and operated specialty stores such as Carlyle & Co, J.E. Caldwell & Co., and Park Promenade Jewellers.
Bailey Banks & Biddle was formerly owned by Zale corporation
. They compete with other high-end retailers such as Tiffany and independent jewelry stores. The name "Zell Bros" is used for one location. The stores tend to carry many high-end designer lines, including Scott Kay
, Tacori
, Ritani, Mikimoto, and David Yurman
. Stores use the slogan "Where Treasures Live". There were 72 Bailey Banks and Biddle locations as of May 22, 2007. 15 Texas locations branded as "Corrigan's" and "Sweeney's" were transferred to the Bailey Banks & Biddle nameplate when Zale decided to make the chain national.
announced that it was ceasing its contract with Finlay in order to place jewelry from Fortunoff
, which was acquired by Lord & Taylor's parent company NRDC Equity Partners LLC, in its stores. Macy's
later made an announcement saying it too was ceasing its contract with Finlay. Near the end of that Christmas season, financial media began speculating that Finlay would not be able to meet its obligations for the next fiscal year. Soon several ratings agencies downgraded Finlay's stock. In late February 2009, Finlay announced it was going to exit its department store business. In March 2009, Finlay attempted last minute negotiations with its two largest creditors. In a conference call with shareholders in March, Finlay's outside accounting firm raised doubts about the company's ability to go on. On August 5, 2009, Finlay Enterprises filed for Chapter 11 bankruptcy. On August 2, 2010, Finlay Fine Jewelry Corporation went out of business as per its Chapter 11 liquidation filing under bankruptcy.
Finlay operated the fine jewelry departments in many department stores. The department space was leased to Finlay. The number of locations Finlay operated at the end of the second quarter ended August 1, 2009 totaled 182, including 67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty jewelry stores and 77 licensed departments with The Bon Ton.
Finlay operated in department store groups such as Macy's
Macy's
Macy's is a U.S. chain of mid-to-high range department stores. In addition to its flagship Herald Square location in New York City, the company operates over 800 stores in the United States...
Inc. (Formerly Federated Department Stores), Bloomingdale's
Bloomingdale's
Bloomingdale's is an American department store owned by Macy's, Inc. .Bloomingdale's started in 1861 when brothers Joseph and Lyman G. Bloomingdale started selling hoop-skirts in their Ladies Notions' Shop on Manhattan's Lower East Side...
, Bon Ton Department Stores, Lord & Taylor
Lord & Taylor
Lord & Taylor, colloquially known as L&T, or LT, based in New York City, is the oldest upscale, specialty-retail department store chain in the United States. Concentrated in the eastern U.S., the retailer operated independently for nearly a century prior to joining American Dry Goods...
, Dillard's
Dillard's
Dillard's, Inc. is a department store chain in the United States, with 330 stores in 29 states. Headquartered in Little Rock, Arkansas, Dillard's locations are concentrated in Texas and Florida; with a major presence in other states including Arizona, Iowa, Colorado, Wyoming, Kansas, Missouri,...
, and Gottschalks
Gottschalks
Gottschalks was a middle-tier American department store that operated 58 department stores and three specialty apparel stores in six western states ; some locations ran as Harris-Gottschalks stores...
. The company also owned and operated specialty stores such as Carlyle & Co, J.E. Caldwell & Co., and Park Promenade Jewellers.
Acquisitions
Carlyle & Co. was acquired May 2005, adding 34 stores under the Carlyle & Co., J.E. Caldwell & Co., and Park Promenade banners. Congress was acquired December 2006.Bailey Banks & Biddle was formerly owned by Zale corporation
Zale Corporation
The Zale Corporation is, through its wholly owned subsidiaries, a leading specialty retailer of jewelry in North America. The Zale Corporation was incorporated in Delaware in 1993...
. They compete with other high-end retailers such as Tiffany and independent jewelry stores. The name "Zell Bros" is used for one location. The stores tend to carry many high-end designer lines, including Scott Kay
Scott Kay
Scott John David Kay is an English footballer playing as a midfielder for Macclesfield Town in Football League Two.-Career:...
, Tacori
Tacori
Tacori is an American jewelry designer focusing on platinum and diamond bridal jewelry. The family-owned design firm is located in California and retailed throughout the United States and Canada...
, Ritani, Mikimoto, and David Yurman
David Yurman
David Yurman Inc. is a privately held high-end American designer jewelry company founded by David Yurman . It is headquartered in New York City....
. Stores use the slogan "Where Treasures Live". There were 72 Bailey Banks and Biddle locations as of May 22, 2007. 15 Texas locations branded as "Corrigan's" and "Sweeney's" were transferred to the Bailey Banks & Biddle nameplate when Zale decided to make the chain national.
Bankruptcy liquidation
In November 2008, Lord & TaylorLord & Taylor
Lord & Taylor, colloquially known as L&T, or LT, based in New York City, is the oldest upscale, specialty-retail department store chain in the United States. Concentrated in the eastern U.S., the retailer operated independently for nearly a century prior to joining American Dry Goods...
announced that it was ceasing its contract with Finlay in order to place jewelry from Fortunoff
Fortunoff
Fortunoff was a New York-based retailer of home, jewelry and furniture stores founded in 1922 by Max and Clara Fortunoff. The original Fortunoff store was on Livonia Avenue in Brooklyn, New York...
, which was acquired by Lord & Taylor's parent company NRDC Equity Partners LLC, in its stores. Macy's
Macy's
Macy's is a U.S. chain of mid-to-high range department stores. In addition to its flagship Herald Square location in New York City, the company operates over 800 stores in the United States...
later made an announcement saying it too was ceasing its contract with Finlay. Near the end of that Christmas season, financial media began speculating that Finlay would not be able to meet its obligations for the next fiscal year. Soon several ratings agencies downgraded Finlay's stock. In late February 2009, Finlay announced it was going to exit its department store business. In March 2009, Finlay attempted last minute negotiations with its two largest creditors. In a conference call with shareholders in March, Finlay's outside accounting firm raised doubts about the company's ability to go on. On August 5, 2009, Finlay Enterprises filed for Chapter 11 bankruptcy. On August 2, 2010, Finlay Fine Jewelry Corporation went out of business as per its Chapter 11 liquidation filing under bankruptcy.