NEW YORK–NRDC Equity Partners has officially acquired Fortunoff in a $110 million closing that included a $30 million contribution intended to cover the company’s customer obligations.
Richard Baker, chief executive officer of NRDC, which also owns Lord & Taylor, plans to expand Fortunoff’s chain of four full-line flagship stores to as many as 50 locations nationwide, while the company’s 16 regional outdoor furniture stores could ultimately grow to include over 300 locales. Baker also intends to create Fortunoff jewelry and home shops with bridal registries in NRDC’s 47 Lord & Taylor stores.
