Chinni to lead Fortunoff, under new owners
NRDC completes acquisition of specialty retailer
Carole Sloan -- Furniture Today, March 10, 2008
UNIONDALE, N.Y. — Veteran retailing executive Charles Chinni has joined Fortunoff as chairman and CEO, following the specialty retailer’s acquisition Friday by NRDC Equity Partners.
Chinni retired last year from JCPenney, where he had been executive vice president, home. He had been with Penney since 2001 and earlier was CEO of specialty retailer Stroud’s and was with Kmart. He spent much of his career at department stores Macy’s and Bamberger’s.
Said Chinni, reached here on his first day on the job, “I’m stepping in from the outside. I have to get to meet everyone and understand the business.”
Former Fortunoff CEO Arnie Orlick left the company last week.
NRDC said it officially closed on the acquisition of Fortunoff Friday in a $110 million transaction, which includes a $30 million contribution intended to cover the company’s customer obligations. NRDC purchased Fortunoff out of bankruptcy. The retailer most recently was owned by equity companies Trimaran Capital Partners and K Group.
NRDC said the 23-unit retailer, with $439 million in annual sales, is expected to nearly double in volume over the next five years. Richard Baker, CEO of NRDC, said the new owners plan to expand the chain’s four full-line flagship stores to as many as 50 locations, while boosting the retailer’s 16 regional outdoor furniture stores to as many as 300 units. The outdoor stores are seasonal and convert to indoor furniture in the winter.
Baker also plans to introduce Fortunoff jewelry and home shops, including bridal registries, in the 47 Lord&Taylor department stores that also are owned by NRDC.
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Chinni to lead Fortunoff, under new owners
Mar 23, 2008 -
Lord & Taylor parent acquires Hudson’s Bay Company
Jul 17, 2008 -
Hudson's Bay Co. sold
Jul 20, 2008 -
Fortunoff in Chapter 11
Feb 5, 2009 -
Mike Larkey joins Fortunoff's as consultant
Aug 21, 2008
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