Chinni to lead Fortunoff, under new owners
By Carole Sloan -- Furniture Today, March 23, 2008
Uniondale, N.Y. — Fortunoff's new chairman and CEO, retail veteran Charles Chinni, said he's looking to stabilize the struggling retailer and turn its fortunes around.
"Fortunoff is an iconic brand — I've referenced them for years during my career at Macy's and JCPenney," said Chinni, who was named to the retailer's top job this month after it was acquired by equity fund NRDC, which also owns department store chain Lord & Taylor.
"The big problem is that they were slow to change from a formal lifestyle to a casual lifestyle that consumers were adopting, but the franchise is really solid," he said.
NRDC acquired Fortunoff out of Chapter 11 bankruptcy protection. Because the company has been under Chapter 11, replenishing inventories will be an important element in stabilizing the retailer and letting customers know it's still open for business, Chinni said.
Furniture remains an important element in the company's four "big boxes" or full line home stores, he said. But he said the presentation needs "refreshing. It is struggling in looks under the general total malaise of the overall furniture industry."
It is a process, he added, that will take some time.
But while home is a major portion of the company's business, Chinni's immediate challenge is to plan and open Fortunoff fine jewelry departments in Lord & Taylor's 47 stores. In 2009, the company will continue its rollout of outdoor furniture stores, he said.
"There already are 14 outdoor stores — which convert to indoor furniture from September to January — and new stores already are in the capital budget for next year. They have been an incredible success," said Chinni.
NRDC officials have said there is the potential for as many as 300 outdoor units.
Executives at NRDC also have said that down the road, Fortunoff's home business may be integrated into Lord & Taylor, now strictly an apparel retailer. Years ago, Lord & Taylor was an important force in better and high-end home furnishings.
Fortunoff has full-line stores in Westbury and White Plains, N. Y., and Woodbridge and Wayne, N.J.
"We are reviewing the opportunity for more. We've been successful with them, but they didn't keep pace with the changes in lifestyle," said Chinni.
He succeeds Arnold Orlick, who joined the company in 2006 and left earlier this month. Also new to the store's executive ranks is Don Watros, who has been named vice chairman in addition to his current role as NRDC's managing director of retail operations. He joined NRDC in 2006 and was chief administrative officer for Saks Fifth Avenue before that.
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