The bankruptcy auction of Finlay Enterprises was won by liquidator Gordon Brothers, sources told JCK.

The auction results are still pending court approval.

Gordon Brothers won the auction with an 85.75% bid on asset inventory, which is estimated at $116 million at press time.

If the win is approved, it means a "total liquidation" of the remaining 49 stores, one source said, though it is possible that some stores will be bought once the going out of business sales are through.

Gordon Brothers is also running the going out of business sales for the 58 stores Finlay announced it was closing before it went Chapter 11 in August.

Finlay’s line-up of high-end stores includes the Bailey, Banks and Biddle, Congress Jewelers and Carlyle chains.

Among the bidders in the auction was a consortium that included the Cohen family, which originally owned the Carlyle chain before it was sold to Finlay.

To view the 8-K Form Finlay filed to the SEC, click here.

JCK