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According to Bloomberg News, this once-venerable company is headed for Chapter 11 bankruptcy and a possible liquidation. The demise of Fortunoff comes a year after Lord & Taylor parent NRDC purchased the company out of bankruptcy. At the time, NRDC thought Fortunoff was the best thing since sliced bread. Lord & Taylor even made available a $10 million line of credit to the chain. But now, the chain's lease at its flagship store has expired and the store, located on Fifth Avenue near Bergdorf Goodman, Prada and Tiffany & Co. (NYSE:TIF) is vacant.
According to Bloomberg News, this once-venerable company is headed for Chapter 11 bankruptcy and a possible liquidation. The demise of Fortunoff comes a year after Lord & Taylor parent NRDC purchased the company out of bankruptcy. At the time, NRDC thought Fortunoff was the best thing since sliced bread. Lord & Taylor even made available a $10 million line of credit to the chain. But now, the chain's lease at its flagship store has expired and the store, located on Fifth Avenue near Bergdorf Goodman, Prada and Tiffany & Co. (NYSE:TIF) is vacant.
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