Amid default notices from two suppliers and liquidity issues, Whitehall Jewelers Holdings Inc. is "considering various financing options and may seek protection under the federal bankrupty code," according to a form filed on Monday with the (SEC) in Washington, D.C. "Based on the company's cash on hand as well as current and anticipated cash flow from operations, the current borrowing availability under the senior credit agreement is not adequate to meet the company's working capital and capital expenditure needs beyond the end of June 2008," said an 8-K form filed on June 16.

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