I don’t usually post about big corporate bankruptcy cases, but this one hit home. Fortunoff, a major Long Island-based retailer, said today it has filed for bankruptcy protection and agreed to be acquired for $100 million by the owners of Lord & Taylor. This is the second change in ownership for the Westbury-based home furnishing and jewelry chain in the past two years.

This seems to indicate that Fortunoff is somehow on the downward spiral, having failed to net the last owner enough profit to keep things going.

One step closer to liquidation of another local retailer? I’m no seer, but this doesn’t look good at all.