Financial Reporting

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Finlay seeking investors, to exit dept. stores

June 17, 2009

Jewelry retailer Finlay Enterprises Inc. said on Tuesday that it has "initiated a formal process whereby parties may indicate their interest in the company's business or assets," noting that it has been approached by a number of investors.

With the goal set on exiting the tough business of operating jewelry stores within department stores, Finlay announced that it is in the midst of executing the plan that will lead to the closure of nearly 400 such stores.

The plan includes closing underperforming specialty stores and focusing on the better performing specialty stores. The company operates 107 specialty stores under the names Bailey Banks and Biddle, Carlyle, J.E. Caldwell, Park Promenade and Congress Jewelers.

However, after suffering a rough ride and fiscal losses, Finlay said that in a parallel work effort, and as a result of several inquiries regarding potential transactions, the company has received unsolicited interest from a number of financial and strategic investors and is "interested in exploring these and any other interests that develop."

Source: IDEX Online
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