NRDC closes Fortunoff deal for $110M
PURCHASE, N.Y. NRDC Equity Partners today announced that it has officially acquired the Fortunoff Company in a $110 million closing that included a $30 million contribution intended to cover the company’s customer obligations.
According to the company, NRDC ceo expects that Fortunoff’s chain of four full-line flagship stores can expand to as many as 50 locations nationwide, while the company’s 16 regional outdoor furniture stores could ultimately grow to include over 300 locales. Baker has stated his intention to create Fortunoff jewelry and home shops with bridal registries in NRDC’s 47 Lord & Taylor stores as well. With NRDC’s guidance, the $439 million, 23-unit Fortunoff chain is expected to nearly double its current size over the next five years.
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