One of the most popular traditions at any wedding ceremony is the tossing of the garter belt to the unmarried men present. But how did this tradition come about?
Chapter 11 for Whitehall Jewelers
I really can’t say this is unexpected. On Monday June 23rd 2008, Whitehall Jewelers filed for Chapter 11 bankruptcy protection. A hearing is scheduled for today where they seek approval for their plans which includes $80M in debtor-in-possession financing so that they continue day-to-day operations.
Being unable to turn around the stuggling company which has posted losses in each of the last 3 years, Whitehall was left with little else than to file for bankruptcy protection in an reorganization attempt. Back in 1992 Zales Jewelers filed Chapter 11 bankruptcy emerging a year later after having restructured its debt. It remains to be seen whether or not Whitehall is able to do the same.
It’s easy to blame the tough current economic conditions, almost fashionable, but since 2005 Whitehall has been unable to position itself properly in order to prevent this from happening.
More from the Chicago Tribune
Tags: bankruptcy, chapter 11, Whitehall Jewelers
