Whitehall Jewelers to Purchase 78 Stores
Whitehall Jewelers Expands Operations. Purchases 78 Friedman’s Stores.
Chicago based Whitehall Jewelers Inc. has announced that they will be purchasing the 78 Friedman’s and Crescent Jewelry stores that are not going out of business. In January of 2008, Friedman’s filed for Chapter 11 banrkruptcy protection.
Currently, 377 Friedman’s are conducting “going-out-of-business” sales as part of the Chapter 11 filing and involuntary Chapter 7 case that was brought against them. Expectations are for these sales to conclude in 10-12 weeks.
It should not come as any surprise that Whitehall Jewelers is making this purchase. Having already pared back their operations to 297 stores, this purchase affords them the opportunity to begin regrowing their business. Reportedly, the purchase price amounts to 63% of the cost value of the inventory so as they say, “the price is right”.
Look for Whitehall to continue operating these store under The Whitehall and Lundstrom’s Jewelers names.
