Finlay COO Retires

Joseph M. Melvin, executive vice president and chief operating officer of Finlay Enterprises, Inc. retired effective August 14, the company announced in a SEC filing. Melvin also served as president and chief operating officer of wholly-owned subsidiary, Finlay Fine Jewelry Corporation. The retirement was planned, the company added.

Under the terms of Melvin’s severance agreement, he will receive a payment of $107,321, equal to twelve weeks’ salary. 

On August 5, Finlay Enterprises has filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in Bankruptcy Court for the Southern District of New York.

Finlay has been battling for its survival in a tough operating environment for some time. IDEX Online Research estimates that adjusted sales – excluding liquidation revenues – in the leased department units were down 10-15 percent in the last quarter.