Whitehall Announces Appointment of Interim Chief Executive Officer
12 Outubro 2005 - 9:56AM
Business Wire
Whitehall Jewellers, Inc. (NYSE:JWL)(the "Company") announced that,
on October 11, 2005, the Board of Directors elected Daniel H. Levy
to serve as interim Chief Executive Officer, effective immediately,
while the Company conducts a search to find a permanent Chief
Executive Officer. Mr. Levy has served as a director of the Company
since January 7, 1997 (and had served as a director from March 1996
until May 1996.) Mr. Levy, 62, has a long and distinguished career
in the retail industry. The Company also announced that Lucinda M.
Baier resigned as President and Chief Operating Officer. Mr. Levy
commented, "The Company owes a great debt of gratitude to Cindy for
her steadfast service as President and Chief Operating Officer. In
addition, during very challenging times following the death of
former Chairman and Chief Executive Officer Hugh Patinkin, Cindy
graciously undertook the duties and responsibilities of Chief
Executive Officer of the Company. The Company wishes her the best
in all of her future endeavors." Whitehall Jewellers, Inc. is a
national specialty retailer of fine jewelry, operating 387 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) our ability to execute our business strategy and our continued
net losses and declines in comparable store sales; (2) our ability
to manage our liquidity and to obtain adequate financing on
acceptable terms and the effect on us if an event of default were
to occur under any of the Company's financing arrangements; (3) 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; (4) reduced levels
of mall traffic caused by economic or other factors; (5) increased
competition from specialty jewelry retail stores, the Internet and
mass merchant discount stores which may adversely impact our sales
and gross margin; (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 and disruptions caused by the loss of key personnel; (9)
the availability, terms and cost of consumer credit; (10)
relationships with suppliers including the timely delivery to the
Company of appropriate merchandise on acceptable payment, delivery
and other terms; (11) our ability to maintain adequate information
systems capacity and infrastructure; (12) our leverage and cost of
funds and changes in interest rates that may increase financing
costs; (13) developments relating to the Securities Purchase
Agreement, Notes, Warrants and Registration Rights Agreement with
Prentice, including the impact of any adverse developments with
respect to such agreements, that may require the Company to seek
new financing, for which there can be no assurance of availability
on acceptable terms or at all; (14) our ability to maintain
adequate loss prevention measures; (15) fluctuations in raw
material prices, including diamond, gem and gold prices; (16) 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; (17) 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; (18) regulation affecting the
industry generally, including regulation of marketing practices;
and (19) 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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