Whitehall Policy Not To Comment on Market Rumors
September 29 2005 - 1:13PM
Business Wire
Whitehall Jewellers, Inc. (NYSE:JWL)(the "Company") was contacted
by the NYSE earlier today because of market rumors regarding a
possible purchase of the Company. The Company declined to comment,
citing its policy of not commenting on market rumors. 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
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