WPCNR DOWNTOWN DAILY. By John F. Bailey. April 22, 2004: A number of residents in White Plains heard the report, so did millions of listeners in the New York metropolitan area. Fortunoff was reported by WCBS Radio, which was quoting a The New York Post report,  to be attempting to sell their six upscale shopping meccas in the New York area for $350 Million. Fortunoff recently opened its newest retail palace in White Plains in September, which they constructed at a cost of $90 Million.

Fortunoff, contacted by WPCNR this morning, is characterizing this report as "inaccurate."

Catherine Mara, spokesperson for Fortunoff told WPCNR, the Fortunoffs had retained the firm of Peter Solomon, Inc., an investment banker,  to attempt to rasie capital for future expansion of the company into other areas. She characterized  the "leak" of this information as being misconstrued. Here is the official statement released by Fortunoff to WPCNR today:

"Fortunoff has retained the firm of Peter Solomon Inc. in order to look at the possibility of raising capital to finance additional locations and growth opportunities.  Our most recent expansion in White Plains further demonstrates that we have a continued interest in growing and innovating.  We are looking at business options that would allow us to strengthen our strategic position in the market place.  That has been a Fortunoff hallmark for decades.  The Fortunoff families have an obligation to the company's future, to explore a broad spectrum of options designed to keep the Fortunoff name and reputation strong and robust through future generations."

Asked by WPCNR where Fortunoff might be considering expanding its reach, Ms. Mara said she did not know.  She also did not know at this time how much  expansion capital Fortunoff was looking to raise.

A local real estate observer remarked to WPCNR that he could not understand why Fortunoff would be selling their line of one-of-a-kind locations  for such a small amount of money, considering they spent $90 Million on their new White Plains store alone.

Another local White Plains attorney, specializing in retail mergers, noted last night to WPCNR that he could not understand why Fortunoff would be selling at this time at the start of what appears to be the beginning of a retail boom. The source said, usually you do not sell at the begining of a market, but at the top.

Peter J. Solomon & Company is an investment banking firm, which most recently advised Land's End during its $1.9 billion dollar sale to Sears Roebuck in March of this year. To find out more about Solomon, their website is www.pjsolomon.com