Founded : 1832
Activities : Retailing fine jewelry and operating leased fine jewelry department stores
Parent Company : Finlay Enterprises
Stockists : 1,097 locations
Origin : 529 Fifth Avenue
New York, NY 10017
Finlay Fine Jewelers, America’s Finest Jewelers and it’s brands have conducted almost $50 billion in jewelry sales with some of the leading retail partners in the world since 1832. Finlay Enterprises Incorporated’s principal activities are the retailing of fine jewelry products and operating leased fine jewelry department stores throughout the United States and France. Founded as Seligman & Latz, the company’s original focus was the operation of beauty salons, also under a lease arrangement with department and specialty stores. Jewelry sales were soon added to the company’s portfolio, and by 1942, the company opened its first leased Finlay Fine Jewelry department.
As of Jan 28, 2006, the Group operated in 1,097 locations including 977 Finlay departments and over $1 billion in annual revenues.
In the first quarter of fiscal year 2008 Zale Corporation sold the Bailey Banks & Biddle upscale jewelry chain (including one store operating as “Zell Bros.”) to Finlay Enterprises for $200 million. Finlay Fine Jewelry Corporation returned to operating freestanding luxury stores with 104 specialty retail stores under six different nameplates.
Vin Lee approached the group in 2007 about making an investment. Crushed under the debt of the Bailey, Banks, and Biddle acquisition and a $550 million line of credit from GE Capital, Finlay Enterprises filed for bankruptcy protection in 2009. Grand Metropolitan participated in the auction process through 2010 and acquired remaining assets of the company including the Finlay brands in 2011.
Today Finlay Enterprises owns and operates Finlay Fine Jewelers, a collection of over 30 brands. The group collectively pulls from a rotating inventory of $130 million in precious metals and loose stones and brokers diamonds to over 2,600 locations in North America.