I was deeply saddened to learn that there will be no work-out process for Fortunoff’s, the 87 year old local jewelry and department store.
With no ready Buyer showing up, and unable to arrange fresh credit in this environment, the company is liquidating this week. They join an increasing list of stores that found themselves in the same unfortunate situation: Bombay & Co. Circuit City, Home Depot’s Expo Design Center, KB Toys, Steve and Barry’s, National Wholesale Liquidators, and Linens ‘n Things
When a big corporate chain goes belly up, one hardly thinks about it. With the family-owned Fortunoff’s as a local institution, I find it much sadder than the usual retail bankruptcy. One of my neighbors works (worked) there. When I was kid, my mother would work there during the Christmas season when Real Estate was slow.
Half of the stuff in our house — two area rugs, living room furniture, Weber grill, bedroom linens, glassware, coffeemaker, curtains, vacuum, lamps, and a slew of Mrs. BP’s jewelery are all from Fortunoff’s. Over a decade and a half of marriage I’ve bought pearl necklaces, diamond earrings, bracelets, etc. They were always reasonably priced, good selection, great sales help.
Its terribly sad.
I try to look at the economic data dispassionately; we tend to ignore the real world stories beneath much of the headlines. It never hurts to recall every now and again that there are real human tragedies occurring in the economic maelstrom . . .
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See Also:
Final sales at Fortunoff begins Thursday
ELLEN YAN AND EMI ENDO
Newsday, February 25, 2009
http://www.newsday.com/services/newspaper/printedition/wednesday/business/ny-bzfort256048594feb25,0,6599189.story
Judge OK’s Fortunoff sale, liquidations to begin
Emily Chasan and Phil Wahba
Reuters, Feb 24, 2009 7:22pm
http://www.reuters.com/article/mergersNews/idUSN2443854820090225
Fortunoff Bankruptcy Wipes Out Gift Cards
Jon Hood
ConsumerAffairs.com, February 24, 2009
http://www.consumeraffairs.com/news04/2009/02/fortunoff_bkprt.html
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