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.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)