Fortunoff Files Chapter 11 Again

Fortunoff announced that it has filed for Chapter 11 Bankruptcy Protection.

Charles Chinni, the President & CEO of Fortunoff said, “The jewelry and home goods businesses have been hit particularly hard by the economic downturn. However, we are actively seeking a buyer for the business, and we will continue to do so in the Chapter 11 process.”

Founded in 1922, Fortunoff’s headquarters are located in Westbury, Long Island. The company comprises 3 full-line stores and 16 regional outdoor furniture stores and a website, fortunoff.com.

The NY Times reported that," In court filings, Fortunoff indicated that it held assets of between $100 million and $500 million and debt within that range as well. Its largest creditor is listed as the Hanamint Corporation, holding trade debt of nearly $1.6 million." See the NY Times article and a copy of Fortunoff's Bankruptcy Petition at http://bit.ly/U0F2.