Whitehall Jewel (NYSE:JWL)
Historical Stock Chart
From Jun 2019 to Jun 2024
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