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Fortunoff Sells For $100M As It Enters Ch. 11

Law360 (February 4, 2008, 12:00 AM EST) -- Struggling jewelry and furniture chain Fortunoff announced Monday it was filing for Chapter 11 protection and would be acquired for $100 million by the group that owns Lord & Taylor department stores.

NRDC Equity Partners, which purchased Lord & Taylor from Macy's for $1.2 billion in 2006, will buy Fortunoff and has given it a $10 million letter of credit to allow the chain to continue to purchase inventory.

In its filing in the U.S. Bankruptcy Court for the Southern District of New York, Fortunoff, which...
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