Charles Chinni Appointed Fortunoff Chairman and CEO

Business Wire, March 11, 2008

--Don Watros to serve as Vice Chairman--

PURCHASE, N.Y. -- 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.