The Fortunoff and Mayrock families who owned and operated Fortunoff before its sale to private equity firms have purchased all the intellectual property of the now-bankrupt company. The families intend to relaunch the brand, known for its gifts, housewares, furniture and jewelry, although no definite plans have been released.
"We didn't make this investment for posterity, and we didn't just want to buy the name so no one else could use it," David Fortunoff, who ran Fortunoff.com as well as the company's bridal registry, credit card and database marketing, told Newsday. "This is an investment for us. We are still passionate about bringing products to the marketplace."
He added that the future format may not resemble its past, but will likely include e-commerce and may involve retail and brick-and-mortar.
The property, purchased for about $1.8 million, was approved in U.S. Bankruptcy Court in Manhattan July 6. Fortunoff’s parent company NRDC Equity Partners filed for bankruptcy earlier this year after it was unable to find buyers for the chain. This week, the Official Committee of Unsecured Creditors of Fortunoff has filed suit against the holding company, claiming the jewelry and home furnishing chain did not have to file Chapter 11, and by doing so hurt the company’s unsecured creditors.
