According to SEC documents obtained by GSR, Raff was scheduled to receive an initial annual base salary of $500,000. Under the terms of her employment agreement, she would also receive cash payments in the amount of $1.95 million as transition compensation, payable in four equal installments of $487,500 on each of August 12, 2005, February 1, 2006, February 1, 2007 and February 1, 2008. Raff was also to receive an additional transition payment of $15,000 on August 12, 2005.

Raff's credentials include several esteemed positions, including serving as senior vice president and general merchandise manager of fine jewelry for J.C. Penney Co. since 2001. Previously, 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, Raff worked for Macy's Department Stores, where she held executive jobs with responsibility for Macy's jewelry business. Raff is a member of the Board of Directors of Jo-Ann Stores Inc.

Raff's letter comes on the heels of NYSE questions arising from unusual market activity on Tuesday, in which the company saw a 22% decline in its stock value. The company did not respond to the query. According to a Whitehall statement, the company is, however, assessing its legal and other alternatives in light of Raff's letter. Additionally, it is reviewing its financial situation in light of current and forecasted operating results and management changes.