Elegano.com

The Fortunoff and Mayrock families, who owned and operated the now-bankrupt Fortunoff for four generations, have bought back all the company's intellectual property, including the Fortunoff name.

New York--The Fortunoff and Mayrock families, who owned and operated Fortunoff for four generations, have bought back all the company's intellectual property, including the Fortunoff name.

What the families plan to do with the reclaimed brand is unclear at this time.

In a press release, David Fortunoff said whatever they are doing, they plan to proceed cautiously.

"It is clear that retail is suffering from the effects of the recession. Against that backdrop, we intend to proceed with deliberate caution in determining where, when and how we utilize this powerful retail brand as the recession takes it course," he said. Isidore Mayrock said that by recapturing the brand, they now have the means to "appeal to a loyal consumer base through a variety of retail platforms at an appropriate time."

Neither elaborated on what platforms this might include.

"It would be premature to speculate on what those platforms might be," David Fortunoff said, "but no one knows better than our family what the Fortunoff name means to generations of shoppers here and throughout the United States. It is time for us to create a thoughtful strategy that honors past excellence through future opportunities."

In addition to purchasing the brand name and related trademarks, the families acquired the customer lists, software, domain names and all copyrighted material.

Opened in Brooklyn, N.Y., in 1922 by Max and Clara Fortunoff, the store got into the jewelry business in the 1950s when Helene Fortunoff married into the family.

Fortunoff followed its expanding customer base out of the city and into the suburbs in the 1960s, eventually expanding to include 20 stores.

In 2005, members of the Fortunoff and Mayrock family sold the business to two private equity firms.

In February 2008, Fortunoff filed for Chapter 11 bankruptcy protection for the first time, but seemingly was saved when another private equity firm, NRDC Equity Partners, bought it out of bankruptcy, with plans of incorporating the store into Lord and Taylor department stores, which NRDC also owns.

More at: http://tinyurl.com/m57k6t