According to sources, the investment company has shown interest in Kleinfeld's, the famous bridal emporium, though no deal is cooking. It's possible talks will heat up again in the future, the sources said.
"We don't know anything about it," said Mara Urshel, one of the owners of Kleinfeld's.
NRDC had no comment Monday.
A combination makes sense. NRDC, which owns Lord & Taylor and Creative Design Studio, has agreed to buy Fortunoff, the struggling home furnishings and jewelry chain that operates a sizeable bridal registry.
In addition, NRDC could expand Kleinfeld's, which operates only one store at 110 West 20th Street in Manhattan.
Kleinfeld's was founded by Hedda Kleinfeld Schacter and Jack Schacter in 1941. After a long run, the couple sold the store to Michel Zelnik and a group of venture capitalists in 1990.
Zelnik, the former chief executive of Bidermann Industries U.S.A., expanded too quickly, opening leased departments at Saks Fifth Avenue.
Kleinfeld in 1996 barely averted bankruptcy. Gordon Bros. Capital bought the business from Zelnik the following year, and subsequently sold the store to Ronnie Rothstein, Mara Urshel and the actor Wayne Rogers in 1999.
As reported, NRDC plans to spend $110 million to buy Fortunoff, resolve its liquidity crisis and meet certain obligations like gift cards, benefits and debt, and then build up the business with merchandise upgrades and by creating Fortunoff jewelry and home shops inside Lord & Taylor stores. The deal is expected to close in early March, though there is room for competing offers.
The agreement was unveiled Sunday and was made possible through Fortunoff's 363 bankruptcy filing that night in Manhattan.
In its bankruptcy filing, Fortunoff said it expects there will be funds available for distribution to unsecured creditors. The company said it had between 50,000 and 100,000 creditors. Assets were estimated at between $100 million to $500 million, as were liabilities.
The eight largest creditors are: Agio, Virginia Beach, Va., $5.7 million; Arandell, Menomonec Falls, Wis., $1.3 million; Bloomingdale Road Investors, New York, $1.2 million; Graphic Communications, Aliso Viejo, Calif., $948,219; Weber Stephens, Palatine, Ill., $851,001; Kama Jewelry India Ltd., Off Farley Road, India, $842,228; Stein World, Memphis, $832,870, and Movado Group, Paramus, N.J., $793,755.NRDC is buying Fortunoff from a private equity group that includes Trimaran Capital Partners, which acquired Fortunoff in 2005. The Fortunoff and Mayrock families sold their minority stake to the private equity group in December 2007.
Last year, according to court documents, Fortunoff generated sales of $464.3 million and losses of $36.6 million.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)