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Whitehall Reports Loss.
Sales at Whitehall Jewellers slid 7 percent to $58.9 million during the company's third quarter of fiscal year 2005. Whitehall's net loss grew from $8.3 million to $43 million for the quarter, which ended October 31, 2005.
Year-to-date Whitehall sales fell 5 percent from 2004 to $198.3 million. Net losses grew by nearly a multiple of five to $71.9 million.
On December 7, 2005, Whitehall received more than $2 million from the exercise of warrants resulting in the issuance of 2,792,462 Whitehall common shares to the Prentice and Holtzman investors.
Whitehall expects to close 77 stores before February 2006, which will liquidate approximately $44 million in inventory.
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