Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is a retailer of fine jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States and achieved sales of $754.3 million in fiscal 2008. The number of locations at the end of the second quarter ended August 1, 2009 totaled 182, including 67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty jewelry stores and 77 licensed departments with The Bon Ton.

This release may contain "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes", "may" and similar expressions are used to identify these forward-looking statements. Such forward-looking statements are based on Finlay's current expectations and beliefs, are not a guarantee of future performance and involve known and unknown risks, uncertainties and other factors. Actual results, performances or achievements may differ materially from those contained in, or implied by, these forward-looking statements, depending upon a variety of factors including, in particular, the risks and uncertainties described in Finlay's filings with the Securities and Exchange Commission. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include, without limitation: (i) Finlay's ability to obtain court approval with respect to motions in the chapter 11 proceedings; (ii) Court rulings in the chapter 11 cases and the outcome of the proceedings in general; (iii) risks associated with third party motions in the chapter 11 proceedings, and (iv) the impact of uncertainties of litigation as well as other risks described under "Risk Factors" and elsewhere in Finlay's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by Finlay or any other person that the events or circumstances described in such statement are material.

SOURCE Finlay Enterprises, Inc.

All Bailey Banks & Biddle, Congress Jewelers, Carlyle & Company, JE Caldwell, Park Promenade and Zell Bros. locations are offering brands such as Mikimoto, Rolex, John Hardy, Roberto Coin, Baume & Mercier, Bulgari, Cartier, Chopard, Ebel and more. Brands and merchandise vary by location.

Gordon Brothers Group, a global advisory, restructuring and investment firm, is running the going-out-of-business sales on Finlay's behalf.

William Weinstein, chief investment officer of Gordon Brothers Group, said: "This historical event will mark the end of an era. Consumers will find great values at every store location. Those who arrive first will be able to choose from the broadest selection of merchandise while getting a jump start on the holiday buying season."

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Existing gift cards will be honored for the duration of the sale.

All Bailey Banks & Biddle, Congress Jewelers, Carlyle & Co., J.E. Caldwell, Park Promenade and Zell Bros. locations are offering tremendous savings on famous brands such as Mikimoto, Rolex, John Hardy, Roberto Coin, Baume & Mercier, Bulgari, Cartier, Chopard, Ebel and more. Brands and merchandise vary by location.

For a complete list of stores, please visit http://www.gbcorp.com/finlay.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, real estate and industrial sectors, is running the Going-Out-of-Business sales on Finlay's behalf.

"This historical event will mark the end of an era," said William Weinstein, Chief Investment Officer at Gordon Brothers Group. "Consumers will find great values at every store location. Those who arrive first will be able to choose from the broadest selection of merchandise while getting a jump start on the holiday buying season."

Finlay began as a mail order house for fine jewelry in 1887 and grew to become a leading retailer of fine jewelry, operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States.

About Finlay Enterprises

Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is a retailer of fine jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States. With the acquisition of Carlyle & Co., which operates under the Carlyle, J.E. Caldwell and Park Promenade nameplates, Congress Jewelers and Bailey Banks & Biddle, Finlay Fine Jewelry Corporation returned to operating freestanding luxury stores. Finlay Fine Jewelry Corporation currently operates 104 specialty retail stores under the six different nameplates.

About Gordon Brothers Group

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion in transactions and appraisals annually.

SOURCE Gordon Brothers Group

http://www.gordonbrothers.com