Finlay to consider unsolicited offers as part of strategic plan

By Lisa Kerner

Charlotte, N.C., June 16 - Finlay Enterprises, Inc. said it is continuing to execute on its plan to exit the department store channel, consolidate underperforming specialty stores and reorganize around its better performing specialty stores.

The company said it retained Alvarez & Marsal to manage the formal process by which Finlay will explore unsolicited expressions of interest from financial and strategic investors.

Finlay said it cannot guarantee if and when any business combination or other transaction will be effected.

In May, Finlay announced that its ability to continue as a going concern was dependent on the successful implementation of a strategic plan, the repayment of its revolving credit facility and its ability to secure a new line of credit by the February 2010 revolver maturity date.

The company said it planned to exit the licensed department store-based business and close about half of its specialty jewelry stores in 2009.

Finlay is a New York-based retailer of fine jewelry and an operator of licensed jewelry departments in department stores.

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