The retailer operates four full-line stores in New York and New Jersey, as well as about 20 satellite stores throughout the Northeast, including a Manhattan location. "This transaction will help realign our capital structure and provide an avenue for future growth," said Arnold Orlick, Fortunoff's chief executive, in a statement.
NRDC Equity Partners is an arm of National Realty and Development Corp., which is based in Purchase, NY. It owns stakes in Lord & Taylor as well as the Linen's 'n Things chain.
National Realty and Development Corp. is also a shopping center owner with about 150 projects in the Northeast. The company also has an interest in Windermere on the Lake, a residential development in North Stamford, CT.
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