New Fortunoff Chairman and CEO Appointed

NRDC Equity Partners, owners of Lord & Taylor, which recently acquired Fortunoff, appointed Charles Chinni chairman and CEO of the embattled firm. Donald Watros was appointed vice chairman of Fortunoff.

Chinni was executive vice president and general merchandise manager for home, family footwear and women's accessories for the J.C. Penney Company, and before that president of merchandising at Macy’s/Bamberger’s, responsible for home, cosmetics, lingerie and fine jewelry.

Watros joined NRDC in August 2006 and currently serves as managing director of retail operations, a position he will maintain alongside the Fortunoff assignment.

NRDC said its $110 million buyout of the jewelry and home goods retailer “promises to bolster Fortunoff’s flagship stores and develop the company to nearly double its current size over the next five years.”

Fortunoff, according to NRDC, is a $439 million, 23-unit chain.