Whitehall Jewel (NYSE:JWL)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Whitehall Jewel Charts. Click Here for more Whitehall Jewel Charts.](/p.php?pid=staticchart&s=NY%5EJWL&p=8&t=15)
Whitehall Jewellers, Inc. (NYSE:JWL), a national
specialty retailer of fine jewelry, announced today that current
director Steven J. Pully has been appointed Chairman of the Board of
Directors effective immediately. Daniel Levy, who served as Chairman
stepped down but remains on the Board. Jean K. FitzSimon has been
appointed as the Senior Vice President, General Counsel and Corporate
Secretary, also effective immediately.
Mr. Levy commented, "I welcome Steve's and Jean's appointments.
Steve's talent, experience and leadership will greatly enhance our
Board. Jean's prior retail and corporate compliance experience will
allow her to add value from the beginning."
Mr. Pully commented, "I am excited about the opportunities for
Whitehall and look forward to working with the Board and management to
build on the strengths and traditions of the Company. I very much
appreciate Dan's recent service as Chairman and his years of
dedication to the Whitehall organization."
Mr. Pully has served as the President of Newcastle Capital
Management, L.P. since January 2003 and has been with Newcastle
Partners since December 2001. He has served as a director, Chief
Executive Officer and Secretary of New Century Equity Holdings Corp.
since June 2004 and as a director of Pizza Inn, Inc. since December
2002. From January 2003 to June 2004, he served as Chief Executive
Officer of privately-held Pinnacle Frames and Accents, Inc., a
domestic picture frame manufacturer. Prior to joining Newcastle
Capital Management, from May 2000 to December 2001, he was a managing
director in the mergers and acquisitions department of Banc of America
Securities and from January 1997 to May 2000 he worked in the
investment banking department at Bear Stearns, where he became a
Senior Managing Director in 1999. Prior to becoming an investment
banker, Mr. Pully practiced securities and corporate law at the law
firm Baker & Botts. Mr. Pully is a CPA, a member of the Texas Bar and
is also a CFA charterholder.
Ms. FitzSimon served as the General Counsel and a Principal of
Bridge Associates, LLC, a New York- based consulting firm since 2002.
Prior to joining Bridge, she served in various legal roles for Sears,
Roebuck & Co., most recently as its Chief Compliance Officer and a
Vice President of the Law Department. Prior to joining Sears, Ms.
FitzSimon was in private law practice in Phoenix, Arizona for several
years. She started her legal career at the United States Department of
Justice. Ms. FitzSimon is admitted to practice in Illinois, Arizona,
the District of Columbia and New York. She chairs the American Bar
Association's Committee on Corporate Compliance, among other
professional appointments.
Whitehall Jewellers, Inc. is a national specialty retailer of fine
jewelry, operating 386 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 and services
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 such 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 resultant valuations
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 Securities and Exchange
Commission (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