New York-based retailers seeks comeback after ’09 bankruptcy
The long running family business, Fortunoff, has bought back its assets after liquidation over one year ago and is set to return to the industry with a collection of fine jewellery outlets.
Having been successful since 1922, the company fell on hard times and was sold in 2005, before finally ceasing to trade four years later.
Brand president David Fortunoff said: “When the family sold the Fortunoff company in 2005, we fully expected the brand to continue far into the future. No one could envision that it would stumble, be sold and then close during the height of a stinging recession.
"Far more painful to us was the loss of jobs for retail professionals we had worked with for decades. We could never imagine the Fortunoff brand name going into free fall when it has served as a retail icon for as long as anyone can remember. It has been a stunning series of events and we decided to redeem the Fortunoff brand.”
Fighting back, the family have returned, reaching an exclusive licensing agreement with Fortunoff Brands, LLC and Four Leaf Designs.
Former board member of the American Gemstone Trade Association, Esther Fortunoff added: “This marks the reintroduction of a proud brand in a market that has long associated Fortunoff with service, quality, and value. We are delighted to be able to once again provide our loyal customers with the fashionable, world-class-quality jewellery they love at prices that make sense.”
The website is set to launch this autumn.