Fortunoff Auction Postponed to Feb. 23
Gary Evans -- Home Textiles Today, February 23, 2009
A U.S. Bankruptcy Court judge postponed until this week an auction of "substantially all" the assets of home furnishings and jewelry retailer Fortunoff.
The auction, which had been scheduled for last Thursday, February 19, is now set for Monday, Feb. 23, in the offices of the Fortunoff bankruptcy counsel, Sidley Austin LLP, at 787 Seventh Ave. here.
A hearing to approve the sale is scheduled the following day in the courthouse in lower Manhattan.
Following a dismal holiday selling season, Fortunoff filed for Chapter 11 bankruptcy protection on Feb. 5 and has moved quickly to liquidate its assets. A so-called "stalking horse" bidder has not been named in documents filed with the court.
The Bankruptcy Court earlier this month granted Fortunoff access to a $10 million loan from its chief lender, Wells Fargo. The $10 million is to go toward approved administrative expenses of the bankruptcy, as well as the payment of certain pre-petition liabilities.
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