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Whitehall Closing 77 Units, Welcomes New CEO

CHICAGO-In an attempt to pull itself out of the red, Whitehall Jewellers Inc. is closing 77 unprofitable stores, bringing on a new CEO and reviewing a recent buyout offer. The news comes as the retailer reports a Q2 net loss of $24.1 million.

By Dana Dubriwny | Updated on November 02, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

CHICAGO-Following months of setbacks, including a disappointing second quarter, locally based Whitehall Jewellers Inc. is trying to regain its footing by closing 77 underperforming stores. Additionally, the company has hired a new CEO, and is reviewing a buyout proposal.

According to the company, the soon-to-be-shuttered stores posted losses of $5.1 million for the trailing 12 months ended July 31, 2005. Whitehall plans to run inventory-liquidation sales at these stores to generate cash flow, which is expected to generate more than $14 million. Daniel Levy, director and interim chief executive officer, says the sale will give the company’s new CEO, Robert L. Baumgardner, positive news to report moving forward.

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