; Stores Going Out of Business in Florida
Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out
Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Stores Going Out of Business in Florida

VIEWS: 14 PAGES: 2

Stores Going Out of Business in Florida document sample

More Info
  • pg 1
									Gordon Bros. wins bid to shutter 49 Finlay stores
By Michelle Graff

September 29, 2009, New York--A U.S. bankruptcy court judge has approved Gordon Brothers Retail
Partners LLC's bid for the assets of bankrupt retailer Finlay Enterprises, court documents show, allowing
the Boston-based liquidation firm to move forward with shuttering all of Finlay's stores, including Bailey
Banks and Biddle and several other chains.

The approval, dated Sept. 25 and signed by Judge James Peck of the U.S. Bankruptcy Court for the
Southern District of New York, reads as follows: "The offer of Gordon Brothers, upon the terms and
conditions set forth in the agency agreement and existing agreements, including the form and total
consideration to be realized by the debtors pursuant to the agency agreement and the existing
agreements...is the highest and best offer received by the debtors, is fair and reasonable; and is in the
best interests of the debtors' estates."

Gordon Brothers emerged as the highest bidder for Finlay's assets in an auction held on Sept. 23 in New
York, court papers show.

The liquidation firm won with an 85.75 percent equity bid on asset inventory--estimated at $116 million on
the closing date--for the company's 49 "ongoing" stores, meaning that Gordon Brothers is guaranteeing
that the going-out-of-business sales at those 49 stores will generate at least 85.75 percent of the
aggregate cost value of the merchandise.

In a press release issued by Gordon Brothers Group on Friday, one company executive called the closing
of the store nameplates "historical," adding that the sales at the various stores would be aimed at holiday
shoppers.

"This historical event will mark the end of an era," said William Weinstein, chief investment officer at
Gordon Brothers Group, in a press release issued on Friday. "Consumers will find great values at every
store location. Those who arrive first will be able to choose from the broadest selection of merchandise
while getting a jumpstart on the holiday buying season."

The release said the liquidation sales would include discounts on brands including Mikimoto, Rolex, John
Hardy, Roberto Coin, Baume and Mercier, Bulgari, Cartier, Chopard, Ebel and others, and said that
brands and merchandise will vary by location.

Court papers show that the 49 "ongoing stores" include 29 Bailey Banks and Biddle locations in 13 states,
14 Carlyle and Co. stores in four states, four J.E. Caldwell and Co. stores in two states, and the Park
Promenade Jewellers stores in Orlando, Fla., and Winter Park, Fla.

Prior to last week's auction, court papers show that Gordon Brothers already had been authorized by the
court as the stalking-horse bidder for Finlay's assets, setting a baseline for all other bidders at auction
with a guarantee that store-closing sales would generate 64.75 percent of the aggregate cost value of the
merchandise.

Per the stalking-horse agreement previously filed with the court, Gordon Brothers will continue the current
going-out-of-business sales taking place in 58 specialty stores.

These include a mix of Bailey Banks and Biddle, Carlyle and Co., J.E. Caldwell and Co. and Park
Promenade Jewellers stores, as well as all four Congress Jewelers stores, which are all located in
Florida.

								
To top