Bankruptcy's repeat offenders

The recession has taken a toll on the luxury sector, forcing Fortunoff -- a Uniondale, N.Y.-based jewelry and home décor retailer -- to close its doors.

Fortunoff filed for its second Chapter 11 in February, about a year after it declared its first bankruptcy and was bought by private equity firm NRDC Equity Partners.

The jewelry industry is still struggling -- rival Whitehall Jewelers also filed for bankruptcy in 2008 -- but the families who founded Fortunoff are hoping for life after death. They bought back the brand name and trademarks this summer for $1.8 million, and have announced plans to revive the store online.

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