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Finlay VP Magrini resigns

October 15, 2009

New York--Joyce Manning Magrini has resigned from her position as executive vice president of administration for Finlay Enterprises Inc. and Finlay Fine Jewelry Corp., a filing with the Securities and Exchange Commission (SEC) shows.

Her resignation is effective Oct 23.

Magrini is the second executive of bankrupt Finlay to resign in the last two weeks.

On Sept. 30, Arthur E. Reiner, chief executive officer of Finlay Enterprises and Finlay Fine Jewelry, stepped down from his position, though the SEC filing stated he would remain chairman of the board of directors for both.

New York-based Finlay once operated the licensed fine-jewelry departments in a number of department store chains and had more than 100 stand-alone stores under five different nameplates: Bailey Banks and Biddle (including Zell Bros.), Carlyle and Co., J.E. Caldwell, Park Promenade Jewellers and Congress Jewelers.

Earlier this year, Finlay announced its intention to pull out of the licensed fine-jewelry departments by the fall and instead concentrate on strengthening its stand-alone store business.

The company, however, did not survive the economic downturn.

Finlay filed for Chapter 11 bankruptcy protection in August and, unable to find any buyers at auction, is currently in the process of liquidating all of its stand-alone stores.
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