WESTBURY, N.Y.–Going-out-of-business sales at Fortunoff will begin today as a consortium led by Great American Group received court approval to liquidate the bankrupt chain, according to a Newsday report.
The 19-unit home and jewelry specialty retailer was sold for more than $85 million, or 88.8 percent of its value, to Great American Group, Hudson Capital, SB Capital, Tiger Capital, Kimco Realty Services and jewelry liquidators Bobby Wilkerson Inc. and The Gordon Company, the Newsday report said.
The 87-year-old chain was sold last year to NRDC Equity Partners after filing for bankruptcy. It filed again on Feb. 5.