Finlay starts going-out-of-business sales across its stores

New York City Finlay Enterprises, the 122 year-old jewelry retailer, is closing all of its specialty store nameplates, including Bailey Banks & Biddle, Congress Jewelers, Carlyle & Co., J.E. Caldwell, Park Promenade and Zell Brothers Jewelers. The company initiated going-out-of-business sales across its stores Saturday, which will continue until all inventory has been sold.

Finaly’s assets were sold in a bankruptcy auction last week to Gordon Brothers Group LLC, which is conducting the sales.

The company said in February that it would close the jewelry businesses it ran in department stores and concentrate on its Bailey Banks & Biddle, Carlyle, J.E. Caldwell, Park Promenade and Congress Jewelers chains. Finlay filed for bankruptcy protection in early August citing the tough economy and difficulties with vendors.

Finlay lost $28.7 million in the quarter ended May 2, after posting a $107.3 million loss in the year ended Jan. 31, according to regulatory filings.