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Fortunoff files for bankruptcy protection again

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gemgirl

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I realize that this probably doesn''t affect those who don''t live in the New York metropolitan area (unless you were an on-line shopper), but yesterday Fortunoff closed it''s 57th St. at Fifth Ave. Manhattan store, and today the company filed Chapter 22. All of their employees were formally given 90 days notice today before lunch. Although their holding company is looking for another buyer, they''re not holding out too much hope of finding one because of the recession and management is said to be already planning their liquidation sales.

I know this sounds crazy, but when the news of Fortunoff''s imminent demise sunk into my brain this afternoon, I felt like someone in my family died. My family always shopped at Fortunoff. My first trip to their fledgling store in Brooklyn was with my parents when I was around four or maybe five years old. I''ve been shopping at their Westbury store since it opened, in fact I''m there once a month with my girlfriends. Half of everything I own, both jewelry and household things are from Fortunoff. Everywhere I look in my house is - Fortunoff! I just can''t imagine this happening. I feel like someone cut off my left arm, but I haven''t realized it''s missing yet.
I just realized that I have a lot of people to say good-bye to there...... :(


 

Kaleigh

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Very sad indeed. I loved going to their store. It was always a highlight of my trips to NYC.
 

swimmer

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Many many years ago I went to Fortunoff with my sis and a friend of her''s who actually is still waiting for the same guy to propose... Anyway, the salesman brought us into a little glass cubicle and laid out about a dozen diamond rings. He grabbed my hand and slid on a huge (6ctw) three stone EC and said "you have the long fingers to pull this off." I fell in love. Too bad he was married with a bad comb-over. I did however eventually get a three stone as that ring he showed then defined what an ER meant to me.
 

jewelerman

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Date: 2/5/2009 7:13:12 PM
Author:gemgirl
I realize that this probably doesn''t affect those who don''t live in the New York metropolitan area (unless you were an on-line shopper), but yesterday Fortunoff closed it''s 57th St. at Fifth Ave. Manhattan store, and today the company filed Chapter 22. All of their employees were formally given 90 days notice today before lunch. Although their holding company is looking for another buyer, they''re not holding out too much hope of finding one because of the recession and management is said to be already planning their liquidation sales.

I know this sounds crazy, but when the news of Fortunoff''s imminent demise sunk into my brain this afternoon, I felt like someone in my family died. My family always shopped at Fortunoff. My first trip to their fledgling store in Brooklyn was with my parents when I was around four or maybe five years old. I''ve been shopping at their Westbury store since it opened, in fact I''m there once a month with my girlfriends. Half of everything I own, both jewelry and household things are from Fortunoff. Everywhere I look in my house is - Fortunoff! I just can''t imagine this happening. I feel like someone cut off my left arm, but I haven''t realized it''s missing yet.
I just realized that I have a lot of people to say good-bye to there...... :(


very sad. I used to enjoy seeing their jewelry ads in up-scale magizines.
 

CJ2008

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That IS sad...I used to shop at the Fortunoff''s in Westbury all the time...

It''s sad when any business closes...and that seems to be happening EVERYwhere...I''ll see a restaurant open up and 3 weeks later, gone...
 

MichelleCarmen

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Chapter 22? How many versions of bankruptcy are there?

Only after Butterfly posted her amethyst ring/earrings/pendant set, had I become familiar with Fortunoff. . .they have some cute stuff.
 

gemgirl

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Date: 2/6/2009 12:18:11 PM
Author: MC
Chapter 22? How many versions of bankruptcy are there?

Only after Butterfly posted her amethyst ring/earrings/pendant set, had I become familiar with Fortunoff. . .they have some cute stuff.
I don''t know if the Reuters report was right yesterday because this morning''s paper said Chapter 11 again.

When when you file for the second time is it 22? (Eleven plus eleven) I''m only kidding....
I''m still incredibly sad about it. I''m hoping a miracle happens. I wish Helene F. and her daughter Esther and her four siblings who worked for the company would jump back in whole hog and save the day.
 

MichelleCarmen

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Date: 2/6/2009 1:12:31 PM
Author: gemgirl

I don't know if the Reuters report was right yesterday because this morning's paper said Chapter 11 again.

When when you file for the second time is it 22? (Eleven plus eleven) I'm only kidding....
I'm still incredibly sad about it. I'm hoping a miracle happens. I wish Helene F. and her daughter Esther and her four siblings who worked for the company would jump back in whole hog and save the day.
Yep, when I googled 22, it said that means that the company is filing for a second time. . .but, it looks as if the first case was dismissed in court, so that is why it's chapter 11.
 

AmberGretchen

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Its really a shame to see so many companies going under in this economic climate, and I suspect we will see many more. Some are a result of irresponsible management or other bad practices, but some are just casualties of the times. Either way, its very sad for many employees and customers...
 

gemgirl

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Date: 2/6/2009 1:22:20 PM
Author: AmberGretchen
Its really a shame to see so many companies going under in this economic climate, and I suspect we will see many more. Some are a result of irresponsible management or other bad practices, but some are just casualties of the times. Either way, its very sad for many employees and customers...
The current state of our economy and the world economy has affected the business of companies that produce luxury items even worse than it has regular retailers (who are in horrendous enough shape as it is). I know a lot of jewelry manufacturers have shut down because of this recession, and locally, a lot of jewelry stores are closing. It hard to justify spending money on luxuries when keeping up with our bills and paying our bills is so difficult.

You''re right AG, I think we''re going to see alot more of this in the near future. Linens ''N Things went out of business. Circuit City is being liquidated now. I almost hate reading the news every morning.
 
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