Whitehall Jewellers, Inc. Names New Director
24 June 2005 - 7:39AM
Business Wire
Whitehall Jewellers, Inc. (NYSE:JWL) today announced the
appointment of Mr. Steven J. Pully to its board of directors. Mr.
Pully is the President of Newcastle Capital Management, L.P., the
general partner of Newcastle Partners, L.P. "Steve Pully will bring
additional knowledge, depth and experience to our board and we are
delighted that he is joining us," said Dan Levy, the Chairman of
the Board of Whitehall. 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 a Chief Executive Officer of privately-held Pinnacle Frames
and Accents, Inc., a domestic picture frame manufacturer. Prior to
joining Newcastle 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. Whitehall Jewellers,
Inc. is a leading national specialty retailer of fine jewelry,
currently operating 386 stores in 38 states. The Company operates
stores in regional and superregional 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.
Whitehall Jewel (NYSE:JWL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Whitehall Jewel (NYSE:JWL)
Historical Stock Chart
From Sep 2023 to Sep 2024