Zale�s luxury retail chain - Bailey Banks & Biddle will be sold to Finlay Fine Jewelry Corporation for $200 million. The buyout has apparently been recommended by Zale�s financial advisor, Goldman Sachs. The transaction is expected to be completed by the end of 2007.

Bailey Banks & Biddle currently has around 70 outlets across the US. Finlay Fine Jewelry operates in 687 department store locations in the United States and 33 Carlyle and five Congress specialty jewellery stores.