NEW YORK–Fortunoff Chief Executive Officer Arnie Orlick has stepped down, just a day before NRDC Equity Partners is expected to finalize its acquisition of the home specialty chain.
Fortunoff spokeswoman Arlene Putterman confirmed that Orlick is leaving Fortunoff, but could not supply any further details. A source said “it’s very possible” that Charles Chinni, former executive vice president and general merchandise manager of the home division of J.C. Penney, may succeed Orlick.
If the acquisition of Fortunoff goes through “without any hiccups or problems,” Chinni will likely take the CEO spot, the source said.
NRDC, owner of Lord & Taylor, is purchasing Fortunoff for $80 million, with an additional $30 million to resolve debt and other obligations. Putterman said the deal is expected to close tomorrow, although it is not definite.
Women’s Wear Daily reported yesterday that NRDC plans to put Fortunoff jewelry and home departments in all 47 Lord & Taylor stores within the next 12 months, and spend $100 million to renovate Fortunoff stores and open additional ones.
“We’re all patiently waiting to see the next steps,” Putterman said.