Finlay Enterprises to purchase 70-store chain

NEW YORK Finlay Enterprises announced today that it has agreed to purchase Bailey Banks & Biddle from Zale Corp. The fine jewelry retailer said that it will buy the 70-store chain from Zale Corp. for a purchase price of $200 million.

Finlay expects the acquisition to add $280 million to $300 million in sales for its fiscal year ending Jan. 31, 2009, which will be the first full year of operation following the expected completion of the transaction.

Arthur Reiner, chairman and ceo of Finlay Enterprises, commented, "The acquisition of Bailey Banks & Biddle represents a landmark event for our company. It fits extremely well into our strategy to grow and further diversify our business through acquisitions, and almost triples the number of stand-alone jewelry stores we operate."