Due to a drastic decline in consumer demand for luxury products, Finlay decided to strategically close more than half of its entire store count. The company was also one of the largest operators of licensed fine jewelry in department stores and operated specialty stores under six name plates: Bailey Banks & Biddle, Congress Jewelers, Carlyle & Co., J.E. Caldwell, Park Promenade and Zell Brothers Jewelers. Soon after this first phase of closures, the company realized the severity of its position and subsequently filed for bankruptcy.
Finlay’s multiple brands and complex, independent systems required each brand to be dealt with individually from a merchandising and marketing standpoint. With over of century of direct experience in the jewelry sector, we leveraged our expansive vendor network and relationships to source supplemental inventory and ultimately dispose of $711 million in retail inventory.
Finlay was able to exit the business without abandoning suppliers or customers thanks to our successful sale of all inventory and fixed assets as well as our facilitation of the operational and financial processes. In addition, we successfully worked with landlords, who represented the largest segment of unsecured creditors, to facilitate acquisition of store fixtures and assets as a way to moderate their financial losses.