KENNETH JAY LANE GETS NAME RIGHTS BACK, PLANS TO REOPEN STORES IN MANHATTAN SOON
NEW YORK — Costume jewelry designer Kenneth Jay Lane has regained the retail rights to his name from Ciro Inc., the retailer whose U.S. operations were liquidated last week.
Lane said this week he is negotiating with a couple of prospective corporate partners in hopes of reopening one or more Manhattan stores, “possibly within a month.” He would not name the potential partners.
The last of Lane’s five Manhattan stores, at 677 Fifth Ave., closed last week as a result of Ciro’s financial troubles.
Ciro, which was unable to find a buyer after it filed for Chapter 11 protection in July, sold its assets at a bankruptcy court auction last week for $1.47 million.
Merchants T&F Inc., an investment company at 445 Fifth Ave., purchased 15 Ciro leases, Ciro’s fixtures and inventory and the rights to the Ciro name. The deal is expected to close today.
Harvey Schwartz, vice president of Merchants T&F, said the Ciro stores, which are now closed, will be operated through Hamilton Consulting. Schwartz said Merchants T&F has diversified investment holdings, including the rights to the Grossinger’s name.
Harry Jones, counsel to Alan Cohen, the trustee for Ciro, said trade creditors are not expected to receive any payout under Ciro’s liquidation. — Fairchild News Service