Report: Fortunoff May File for Bankruptcy
New York City Fortunoff said its stores are open for "business as usual," despite a report that the company is considering Chapter 11 bankruptcy, and observations from retail experts that its stores are struggling to keep up its inventory.
"Fortunoff has been and is continuing to work with its financial advisors to consider the complete range of strategic alternatives for the company," the company said in a statement. "Our stores are fully staffed and open for business as usual, and we remain committed to serving our customers."
The retailer released that statement in response to a report by the trade publication Home Furnishings News saying that the company may file for Chapter 11 bankruptcy within the next 10 days and that a deal for new capitalization from a private equity firm collapsed last week.