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Finlay Enterprises, Inc. (FNLY) announced a strategic plan to exit its leased department store business over the near-term and will focus solely on its specialty jewelry stores business going forward.
Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises, Inc. commented, "Given the decline in our department store business over the past five years coupled with the strenuous economic conditions under which we are currently operating, we view our strategic plan to exit this business segment as a necessary measure to strengthen our Company. We are working closely with all of our long-time department store partners to ensure a smooth and successful exit. In addition, we anticipate closing approximately 40 of the 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."
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