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CEO designate Beryl Raff's puts in papers at Whitehall Jewellers

Sep '05
Nation's specialty jewelry headquarter Whitehall Jewellers Inc announced that it received a letter from Beryl Raff advising that she has resigned all positions with the Company.

Raff had previously been named as Chief Executive Officer and was expected to commence full-time employment with the Company and join its board of directors in mid-September. She also indicated in the letter that she would be returning compensation previously paid to her by the Company. The Company is currently assessing its legal and other alternatives in light of Raff's letter.

Whitehall also announced that it is reviewing its financial situation in light of current and forecasted operating results and management changes. The Company believes it needs additional capital to support its operations. The Company is evaluating various alternatives to meet these needs, including the raising of additional debt or equity financing. The Company has requested temporary extensions of payment terms from some of its key suppliers in order to manage liquidity and has also slowed its accounts payable schedules generally. In addition, the Company plans to retain restructuring professionals to assist it.

The Company is actively engaged in discussing alternatives with its bank lenders and other parties. There is no assurance that the discussions will result in additional financing or that an alternative transaction will be available. If the Company is not able to procure additional financing or otherwise able to obtain additional liquidity, it may be forced to pursue other alternatives, such as a restructuring of its obligations.

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