Fortunoff Acquired by Equity Firm

New York City, Jewelry and home-furnishings retailer Fortunoff will sell its business to private-equity firm Trimaran Capital Partners in a deal valued at $280 million, according to a report in The New York Times. The leading factor behind the sale, insiders say, is to finance an expansion of the chain. Fortunoff currently operates six stores and a discount center, along with some seasonal furniture outlets. According to the report, the growth plan includes new stores in Miami and Palm Beach, Fla. The Fortunoff family will retain a 25% stake in the business.