Lord & Taylor Owner Taking Fortunoff Chain

WESTBURY, NY-NRDC Equity Partners, the owner of the Lord & Taylor department-store chain is buying Fortunoff out of Chapter 11 bankruptcy. Executives say they plan to invest $100 million in the business and have provided $10 million so that Fortunoff can continue to buy inventory.

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.