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The company, in collaboration with its financial advisor, Alvarez & Marsal, has decided to pursue an auction and sale process in order to maximize value for stakeholders.
In connection therewith, the company also announced that it has entered into an agency agreement with Gordon Brothers Retail Partners pursuant to which Gordon Brothers will act as the bidder in connection with an auction that the company intends to conduct for its business and assets. The agency agreement and the outcome of the auction are subject to approval by the court, the company said.
In addition, the company has filed a variety of motions with the court that, with court approval, will allow it to continue to conduct business in the ordinary course without interruption. The company's bankruptcy attorneys are Weil, Gotshal & Manges, the company said.
Arthur Reiner, chairman and CEO of Finlay Enterprises, said: "Although today is a difficult day for all of us at Finlay, we have arrived at this decision after careful analysis and believe it is necessary given the continued challenging economic environment that has resulted in our current business condition. As we consider the next steps for our company, we thank our employees, vendors and customers for their ongoing support."
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