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Whitehall Jewelers Files for Chapter 11 Protection
Chicago-based Whitehall Jewelers Holdings Inc. filed for Chapter 11 protection Monday and will soon put its assets on the block. The company explained in a statement that it had filed for bankruptcy protection, along with its diamond retail business Whitehall Jewelers, while it was implementing its reorganization plan. Whitehall also secured an $80 million debtor-in-possession (DIP) credit facility from the Bank of America, Wells Fargo Retail Finance, and GMAC Commercial Finance, to replace the company’s previous $125 million revolving credit facility.
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It appears that the 400 consignment merchandise vendors owed 63 million may loose everything. We need to form a consignment creditors committee now.
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I personally do not see how investors choose to invest in a failing venture such as whitehall. wish they did not.
signed an employee
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