Finlay provides expected financial impact of non-renewal of Belk license
09 Jun '06
2 min read
Additionally, the company anticipates realizing an approx. $20 million positive cash benefit as a result of the liquidation of inventory in the fall of 2006 into the spring of 2007, as well as through the sale of fixed assets to Belk's at the end of its current lease. As a result of the eventual loss of business, the company will evaluate where additional expense savings potentially can be achieved.
Finlay Enterprises Inc, through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is one of the leading retailers of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States with sales of $990.1 million in fiscal 2005.
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