--Don Watros to serve as Vice Chairman--
PURCHASE, N.Y.--(Business Wire)--
Richard Baker, CEO, NRDC Equity Partners announced the appointment
of Charles Chinni as the Chairman and CEO of Fortunoff, which was
recently acquired by the Lord & Taylor and Creative Design Studio
parent.
Chinni's breadth of experience in home and jewelry retailing
position him as an ideal candidate to reinvigorate Fortunoff,
currently a $439 million, 23-unit chain. A 1971 Rutgers University MBA
graduate, Chinni hails from a twenty-six year legacy at
Macy's/Bamberger's, where he was the President of Merchandising
responsible for Home, Cosmetics, Lingerie, and Fine Jewelry. He served
as Executive Vice President of Merchandising for the Kmart Corporation
as well as Chairman and CEO of West Coast bed and bath retailer
Stroud's. Mr. Chinni's most recent post as Executive Vice President
and General Merchandise Manager for Home, Family Footwear and Women's
Accessories for the J.C. Penney Company afforded him many successes,
not the least of which was the launch of the Chris Madden collection
in 2004.
Additionally, Donald Watros has been named Vice Chairman of
Fortunoff. Watros joined NRDC in August 2006 and currently serves as
Managing Director of Retail Operations, a position he will maintain
alongside the Fortunoff assignment. A Cornell University graduate,
Watros holds an MBA from Binghamton University, and secured various
financial posts at May Department Stores during the dawn of his
career. Though Watros has spent over 20 years in the retail industry,
his most recent operating role was serving as the Chief Administrative
Officer for Saks Fifth Avenue. The capabilities Watros derived from
overseeing Finance, Planning, Information Technology, Logistics and
outlets at Saks will surely compliment Chinni's expertise in home and
jewelry retail lines, which comprise Fortunoff's two largest product
arenas. NRDC's $110 million dollar buyout promises to bolster
Fortunoff's flagship stores and develop the company to nearly double
its current size over the next five years.
NRDC Equity Partners, LLC is a joint venture between Robert C.
Baker and Richard A. Baker, principals of National Realty &
Development Corp., and William Mack and Lee Neibert, Partners of
Apollo Real Estate Advisors, L.P. The principals of NRDC Equity
Partners have completed transactions in excess of $50 billion. NRDC
Equity Partners acquires operating companies in the retail, leisure,
lodging, and commercial real estate sectors. Prior to the Fortunoff
acquisition, its most recent transaction was the acquisition of Lord &
Taylor from Federated Department Stores.
For NRDC Equity Partners
Lori Rhodes or Elyssa Dimant
212-252-8881
Copyright Business Wire 2008
