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Macy's extends Finlay lease

March 10, 2008

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New York—Finlay Enterprises Inc. announced today that it has signed a two-year extension of its license agreement with Macy's Central, a division of Macy's Inc.

The amended license agreement extends the company's current contract until Jan. 29, 2011.

Macy's Central will consist of 222 doors following the completion of the divisional consolidation of Macy's Inc. The divisional consolidation will result in the merging of the former Macy's Midwest and Macy's South divisions.

This news follows the announcement late last month that Finlay will lose it license agreements for 47 Lord and Taylor locations when they expire on Jan. 31, 2009, due to the acquisition of Fortunoff out of bankruptcy by an affiliate of NRDC Equity Partners LLC, which owns the Lord and Taylor department store chain.

Finlay Enterprises Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corp., is a leading retailer of stand-alone specialty jewelry stores and licensed fine-jewelry departments in department stores throughout the United States. The number of locations at the end of fiscal 2007 totaled 794, including 69 Bailey Banks and Biddle, 32 Carlyle and five Congress specialty jewelry stores.
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