Westfair Online - Vendors feel pain of retailer’s misfortunes

Home

Westchester County Business Journal

Vendors feel pain of retailer’s misfortunes

John Golden

Mar-01-09, 07:00 PM

0 Votes

Topics: Retail, Small Business, Financial Crisis

In New Rochelle, jewelry designer and small-business owner Georgiana Koulianos is feeling twice burned. The failed fortunes of Fortunoff, the jewelry and home furnishings company that was to be liquidated starting last week, has twice been the cause of her company’s financial misfortune in the last year.

GK Designs, the jewelry company Koulianos runs from a Manhattan office and her condominium loft in New Rochelle, is among the unsecured creditors that expect to go unpaid for merchandise shipped to Fortunoff this winter since Fortunoff Holdings L.L.C., an affiliate of Purchase-based National Realty and Development Corp. (NRDC) Equity Partners L.L.C., filed for bankruptcy in early February. Koulianos said she is out $46,000 for jewelry she shipped in December.

“There’s like 30 to 40 of us trying to figure out collectively what we can do,” she said last week. Attorneys have indicated there may be little or no legal recourse for those vendors to collect payment. For many suppliers including Koulianos, the 45-day period from receipt of shipment in which they can reclaim their goods from a bankrupt company has passed.

Page 1 of 3

«
Start
Prev
1
2
3
Next
End
»

0 Comments

Add Comment

Articles by This Author

John Golden

Former exec reborn with new venture

May-10-09, 07:00 PM

Former Fujifilm USA executive Stan Freimuth is enjoying a second life in business connecting people and companies.

Urban history

Old Yonkers block is in play

Apr-06-08, 07:00 PM

A many-handed political tug of war is playing out in Yonkers this month over the proposed Philipse Manor Historic District.

JetBlue chairman keeps things in perspective

Nov-18-07, 07:00 PM

David Neeleman, the founder and storm-tested chairman of JetBlue Airways Corp., came to Manhattanville College last week as a guest of the college’s Center for Ethics to speak about his company’s handling of its public relations disaster in the wake of an ice storm that left the New York City-based airline’s flights grounded and its operations in chaos for a few days last February.

Starwood Hotels plans ambitious global expansion

Apr-13-08, 07:00 PM

Sheraton to open 54 hotels, add 20,000 guest rooms by 2009.

Reader’s Digest to outsource some functions to London company

Nov-04-07, 07:00 PM

The Reader’s Digest Association Inc. has contracted with Great Britain’s Williams Lea company to provide outsourced printing and marketing for the Pleasantville-based publisher’s global direct-mail business.

Entertainment center to open in Greenburgh

Apr-26-09, 07:00 PM

Funtasia USA L.L.C. in May will open an approximately 29,000-square-foot special events and family entertainment center in a former trucking warehouse on Lawrence Street in Greenburgh.

Pepsi Bottling trims workforce

Nov-23-08, 07:00 PM

Thirty to 40 jobs will be lost at Pepsi Bottling Group Inc. headquarters in Somers as part of a global restructuring initiative announced last week.

SBA rolls out ‘recovery’ plan for small business

May-29-09, 10:53 AM

The U.S. Small Business Administration launches a recovery program that provides no-interest loans to small business owners to pay off mounting debt.

Sales vary by county in HV housing market

Aug-17-08, 07:00 PM

While house sales statewide rose in volume and in median price from June to May, the lower HudsonValley region saw median prices fall in all five counties for the same period while rises in house sales varied widely from county to county.

Health reform draws fire

Jul-24-09, 12:02 PM

Health care reform proposals in Congress draw fire from Westchester’s business and medical circles.

Floating farm takes root in Yonkers

Nov-23-08, 07:00 PM

Chill-bitten passengers picked peppers from greenhouse plants as the Science Barge, a Yonkers-bound tourist attraction and floating educational center, was tugged up the wind-whipped Hudson River last week from Chelsea Piers to its new mooring at the foot of new residential development on the city’s downtown waterfront.

For Cappelli, ‘smart growth’ a smart move

Developer sees potential of transit-oriented office use

Jul-22-07, 07:00 PM

Developer Louis R. Cappelli, a recent proponent of “smart growth” that yokes development with downtown mass transit hubs, will forge ahead this year with plans to build large-scale office space near a commuter station to lure tenants from Manhattan.

Real estate pros see trying times for region

Nov-16-08, 07:00 PM

The unusual praise offered at the recent RealShare conference in White Plains might be a sign of the extraordinary economic times.

A new haven for very sick children

Chelsea facility to head north to Yonkers

Dec-16-07, 07:00 PM

A nonprofit specialty nursing care center for children plans to move its headquarters from Manhattan and consolidate operations employing nearly 700 people on a still-undeveloped site in the South Westchester Executive Park in Yonkers.

Getting ‘em back on track

Marketing chief looks to put ‘joy back’ in the industry

Jan-25-09, 07:00 PM

In the public relations industry whose seat of sophistication is Manhattan, Laura Sturtz is both memory keeper and take-charge mentor for a new generation.

Pink slips at Mobius

Jul-01-07, 07:00 PM

Seven of 10 employees at Mobius Management Systems Inc. in Rye are out of work since the formerly public software company was acquired two weeks ago by Allen Systems Group Inc. (ASG).

County in better shape than other areas in state

CDC: Residents healthier than average New Yorkers

Aug-05-07, 07:00 PM

Westchester County residents are healthier than the average for New Yorkers, according to county health officials, citing a recent report by the federal Centers for Disease Control and Prevention (CDC).

Name:	*
Username:	*
Email:	*
Password:	*
Verify Password:	*
Fields marked with an asterisk (*) are required.