Beryl Raff Joins Whitehall Jewellers as Chief Executive Officer
12 Agosto 2005 - 10:23AM
Business Wire
Whitehall Jewellers, Inc. (NYSE:JWL), a national specialty retailer
of fine jewelry, announced today that Beryl Raff has been named
Chief Executive Officer. Ms. Raff will also join the Company's
Board of Directors. This morning Steven Pully, the Chairman of the
Board of Directors commented, "Beryl Raff is one of the most
accomplished merchants and senior executives in the jewelry
industry. She has a long track record of demonstrated success and
we are delighted that she is joining Whitehall Jewellers. The Board
of Directors and the entire Whitehall family of employees welcomes
her to our Company." Ms. Raff commented, "Joining Whitehall is an
opportunity which I embrace with great energy and enthusiasm.
Whitehall is a wonderful company with a great heritage and a very
promising future. I am looking forward to working with Whitehall's
management, employees and vendors to drive Whitehall's business
forward to greater successes in the future." Ms. Raff has served as
Senior Vice President and General Merchandise Manager of Fine
Jewelry for JC Penney Company since 2001. Previously, Ms. Raff was
with Zale Corp. for six years, including as its Chief Executive
Officer from September 1999 to February 2001 and as Chairman from
September 2000 until February 2001. Prior to joining Zale in 1994,
Ms. Raff worked for Macy's Department Stores, where she held
executive jobs with responsibility for Macy's jewelry business.
Lucinda Baier, who has served as Chief Executive Officer since the
death of Hugh Patinkin earlier this year, will continue as
President and Chief Operating Officer of the Company. Mr. Pully
commented, "The Board appreciates the fact that Ms. Baier stepped
in as CEO at such a difficult time and we are pleased she continues
as President and Chief Operating Officer." Whitehall Jewellers,
Inc. is a national specialty retailer of fine jewelry, operating
388 stores in 38 states. The Company operates stores in regional
and super regional shopping malls under the names Whitehall Co.
Jewellers, Lundstrom Jewelers and Marks Bros. Jewelers. Safe Harbor
Statement This release contains certain forward-looking statements
(as such term is defined in Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934) and
information relating to the Company that are based on the current
beliefs of management of the Company as well as assumptions made by
and information currently available to management including
statements related to the markets for our products, general trends
and trends in our operations or financial results, plans,
expectations, estimates and beliefs. In addition, when used in this
release, the words "anticipate," "believe," "estimate," "expect,"
"intend," "plan," "predict," "opinion" and similar expressions and
their variants, as they relate to the Company or our management,
may identify forward-looking statements. Such statements reflect
our judgment as of the date of this release with respect to future
events, the outcome of which is subject to certain risks, including
the factors described below, which may have a significant impact on
our business, operating results or financial condition. Investors
are cautioned that these forward-looking statements are inherently
uncertain. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those described
herein. The Company undertakes no obligation to update
forward-looking statements. The following factors, among others,
may impact forward-looking statements contained in this release:
(1) a change in economic conditions or the financial markets which
negatively impacts the retail sales environment and reduces
discretionary spending on goods such as jewelry; (2) reduced levels
of mall traffic caused by economic or other factors; (3) increased
competition from specialty jewelry retail stores, the Internet and
mass merchant discount stores which may adversely impact our sales
and gross margin; (4) our ability to execute our business strategy
and the related effects on comparable store sales and other
results; (5) the extent and results of our store expansion strategy
and associated occupancy costs, and access to funds for new store
openings and the ability to exit underperforming stores; (6) the
high degree of fourth quarter seasonality of our business and the
impact on the Company's sales, profitability and liquidity; (7) the
extent and success of our merchandising, marketing and/or
promotional programs; (8) personnel costs and the extent to which
we are able to retain and attract key personnel; (9) the effects of
competition on the Company including merchandise availability, real
estate opportunities and retention of personnel; (10) the
availability, terms and cost of consumer credit; (11) relationships
with suppliers including the timely delivery to the Company of
appropriate merchandise on payment and other terms consistent with
past practice; (12) our ability to maintain adequate information
systems capacity and infrastructure; (13) our continued ability to
secure sufficient financing on acceptable terms, including, if an
event of default were to occur pursuant to the Company's revolving
loan facility, that the Company may be required to negotiate relief
with its lenders or seek new financing with respect to which there
may be no assurance that new financing agreements would be
available on acceptable terms or at all; (14) our leverage,
liquidity, and cost of funds and changes in interest rates that may
increase financing costs; (15) our ability to maintain adequate
loss prevention measures; (16) fluctuations in raw material prices,
including diamond, gem and gold prices; (17) the impact of current
or future price reductions on margins and resultant valuation
allowances taken on certain merchandise inventory identified from
time to time as items which would not be part of the Company's
future merchandise presentation as well as alternative methods of
disposition of this merchandise inventory and resulting valuation
allowances taken; (18) developments relating to settlement of the
consolidated Capital Factors actions, the non-prosecution agreement
entered into with the United States Attorney's Office, the SEC
investigation, and shareholder and other civil litigation,
including the impact of such developments on our results of
operations and financial condition and relationship with our
lenders or with our vendors; (19) regulation affecting the industry
generally, including regulation of marketing practices; and (20)
the risk factors identified from time to time in our filings with
the SEC. For Investor Relations info: investorrelations@whji.com
Internet Website: www.whitehalljewellers.com
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