NEW YORK--The initial public offering of Finlay Enterprises Inc., operator of jewelry departments in department stores in the U.S. and France, was priced at $14 a share late Wednesday, well below its projected price range of $16 to $18.
The company raised $36.6 million before underwriting costs from the sale of 2.6 million shares. Proceeds will be used to reduce debt. In the year ended Jan. 28, Finlay lost $601,000 on sales of $552.1 million. The year includes a $3.1 million payment to Ronald. B. Grudberg, who resigned as chairman and chief executive officer of its operating subsidiary, Finlay Jewelry in January 1995.
At that time, Arthur E. Reiner, formerly chairman and ceo at Macy's East, took the post. Reiner is set to become chief executive of the Finlay Enterprises by January 1996.
Finlay operates 797 jewelry departments in the U.S. and 101 licensed departments in France.--Fairchild News Service

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