Whitehall Liquidates

Whitehall Jewelers, a jewelry chain with nearly 400 stores and more than a century of history behind it, is liquidating less than two months after it filed for Chapter 11 bankruptcy protection. It's the second major jewelry chain to liquidate this year. In an e-mail to company managers, then-CEO Michael Don said it was obvious the chain had to close after its Aug. 1 auction, during which the highest bid was submitted by liquidator Gordon Brothers. “Despite many assurances and actions taken by our going-concern prospect through the beginning of last week, this potential buyer failed to take the necessary steps to be successful at the auction,” Don wrote. “To say that we were surprised and disappointed would be a gross understatement. … With this gone, we are not able to keep our Company operating as a stand-alone entity.” Don closed his e-mail by saying, “We all sincerel
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