Shoppers Rush to Fortunoff Liquidation Sale
March 01, 09
A court-ordered liquidation sale was in full swing Thursday at all 20 stores operated by bankrupt jewelry and housewares retailer Fortunoff Fine Jewelry and Silverware LLC. Hundreds of shoppers rushed to the stores, many to use their gift cards before they become worthless.
The retailer’s going-out-of-business sale includes fine jewelry, watches, silver and all jewelry related inventory as well as store fixtures.
The Fortunoff sale comes on the heels of an all-day auction, held at the company's attorneys' offices, in which a group of six liquidators had a winning bid for Fortunoff's $212 million merchandise.
The six liquidators include Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC, The Gordon Co., Tiger Capital Group LLC and Wilkerson and Associates.
Fortunoff filed for Chapter 11 bankruptcy protection in early February, citing a "severe liquidity crisis" magnified by the grim economic conditions.