U.S. Bankruptcy Judge James M. Peck approved the sale on November 25, overriding objections by Zale Corp. and Windsor Jewelers Inc. and putting a stamp of approval on the bids placed for Finlay's assets at the November 11 auction held in New York City.

 

Finlay, which once operated the licensed fine-jewelry sections in a number of department store chains as well as standalone stores, filed for Chapter 11 bankruptcy protection in August, and going-out-of-business sales began at all of its locations in the fall.

 

Highlights of the sale, according to court papers, include:

 

-For $840,000, Gordon Brothers Retail Partners LLC, the same firm that is currently liquidating all of Finlay's stores, acquired the furniture, fixtures and equipment at a total of 80 stores, a mix of Bailey Banks and Biddle, Carlyle and Co. and Congress Jewelers locations.

 

In addition, Gordon Brothers also won the right to dispose of the furniture, fixture and equipment in Finlay's New York headquarters, its Bonita Springs, Fla., offices and its distribution center in Orange, Connecticut, all in exchange for 25 percent commission for sales.

 

-For $555,000, Synergies Corp. or its designee acquired the intellectual property of Bailey Banks and Biddle.

 

-Adamas Partners, LLC won with its bid of $25,000 in cash plus the assumption of $625,000 to $650,000 in liabilities for a number of Finlay assets, including the leases of 13 Carlyle and Co. stores and the lease for the Bailey Banks and Biddle store in the King of Prussia Mall in King of Prussia, Pennsylvania.; the intellectual property of Carlyle and Co. Jewelers (exclusive of customer list), Park Promenade LLC and J.E. Caldwell and Co.; the Park Promenade and J.E. Caldwell customer lists; and Carlyle and Co.'s information technology.

 

In addition, the company's bid included the furniture, fixtures and equipment at the Ned Cohen Service Center and Carlyle headquarters in Greensboro, N.C.

 

-For $310,000, Helzberg Diamond Shops Inc. and Ben Bridge Jewelers Inc., both owned by Warren Buffett's Berkshire Hathaway Inc., purchased the customer lists for both Bailey Banks and Biddle and Carlyle and Co. Jewelers.

 

-S. Congress Fine Jewelers LLC paid $125,000 for the intellectual property and customer lists for L. Congress Inc., as well as the assumption and assignment of the lease and furniture, fixtures and equipment of the Congress Jewelers store in Sanibel, Florida.

 

-Hamilton Jewelers Insignia and Corporate Gifts LLC paid $52,000 for the assets of the Daughters of the American Revolution Business other than inventory, and the assumption and assignment of the contract with the nonprofit organization, plus assumption and assignment of office lease for space in Philadelphia.

 

In addition, Adamas shall grant a non-exclusive, royalty-free license to use the Caldwell name solely in operation of the Daughters of the American Revolution business until the termination of the contract with the National Society Daughters of the American Revolution.

 

-Murphy Jewelers paid $47,000 for the assumption and assignment of the lease and the furniture, fixtures and equipment of the Carlyle and Co. store at the Shops at Saucon Valley in Center Valley, Pennsylvania.

 

-Fink's Jewelers Inc. bid $36,000 for the furniture, fixture and equipment for the Bailey Banks and Biddle Tysons Corner store in McLean, Va.

 

- General Growth Properties paid $35,279 for the furniture, fixture and equipment for the Bailey Banks and Biddle Shops at La Cantera store in San Antonio, Texas.

 

-The Forbes Co., a Southfield, Michigan-based owner, developer and manager of high-end shopping centers, paid $31,500 for the assumption and assignment of the leases for the Bailey Banks and Biddle stores located in its Troy, Mich., and Palm Beach Gardens, Fla., shopping centers. Forbes also bid to acquire the furniture, fixture and equipment in these locations.

 

- For $35,000, Govberg Jewelers bought the furniture, fixtures and equipment at a Carlyle store in Wilmington, N.C., and a Bailey Banks and Biddle store in Beachwood, Ohio.