Finlay to Exit Department Store Business

New York City Finlay Enterprises announced Thursday that it plans to exit its leased department store business over the near-term and will focus solely on its specialty jewelry store business going forward.

The company said it is working closely with all of its department store partners to ensure a smooth and successful exit.

In addition, Finlay plans to close approximately 40 of its less-profitable specialty store locations.

“We believe that our plan will make our company stronger as we fully transition to a specialty jewelry store business,” said Arthur E. Reiner, chairman and CEO.

Going forward, Finlay said it would reduce its cost structure to levels appropriate to support its specialty jewelry store business. It will reduce head count chiefly in the administrative functions at the company's New York headquarters, as well as sales associate positions in the affected department and specialty store locations.