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SEC filing details Finlay salaries amid bankruptcy

November 04, 2009

New York--A new filing with the Securities and Exchange Commission (SEC) gives insight into how much Finlay Enterprises Inc. was paying its top executives as it was in the midst of Chapter 11 bankruptcy proceedings this summer and early fall.

According to its monthly operating reports for the fiscal months of August (defined as Aug. 6 through Aug. 29) and September (defined as Aug. 30 through Oct. 3), Finlay Enterprises and Finlay Fine Jewelry Chief Executive Officer Art Reiner's salary was $125,625 for the two-month period, including payments of $41,875 in August and $83,750 in September.

Reiner resigned from his CEO positions effective Sept. 30, though a separate SEC filing stated he would remain chairman of the board for both.

In that same two-month time period, the filing shows that Bruce Zurlnick, Finlay's senior vice president, treasurer and chief financial officer, was allocated a salary payment of $40,401, including $13,467 in August and $26,934 in September.

Meanwhile, Joyce Manning Magrini, Finlay's executive vice president of administration, who resigned effective Oct. 23, was paid a salary of $14,010 in August and $28,020 in September, for a total of $42,030.

Karin Knudsen, Finlay Fine Jewelry's executive vice president of merchandising and marketing, received a total of $40,676 for those two months, including $13,559 in August and $27,117 in September, the SEC filing shows.

In August and September, Finlay recorded revenues of nearly $60.5 million: $26.4 million in August and $34 million in September, according to the filing.

The company recorded losses of $12.8 million in August and $62.1 million in September, for a total loss of $74.9 million for the two-month period.

Finlay once operated the licensed fine-jewelry departments in a number of department store chains, including Macy's and Bloomingdale's, as well as five standalone store brands, including Bailey Banks and Biddle and Carlyle and Co.

Unable to withstand the trials brought about by the global economic downturn, the company filed for Chapter 11 bankruptcy protection on Aug. 5.

Its assets were auctioned off on Sept. 23 in New York, with liquidation firm Gordon Bros. Retail Partners LLC emerging victorious, giving that firm the right to move forward with liquidating all of Finlay's approximately 107 standalone stores.

Those liquidation sales are ongoing and can be tracked on GBCorp.com/Finlay.
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