On May 10, when Zale Corp. received $150 million in financing from Golden Gate Capital, execs proclaimed the 86-year-old jeweler’s turnaround.Yet in June, the retailer’s stock sank below $2; on July 7, it hit a 52-week low of $1.35. Later that month, research firm Audit Integrity said America’s second-largest jewelry seller was at high risk “of bankruptcy or severe financial distress.” AOL’s Dailyfinance quipped, “New money may defer the point at which Zales goes under, but it won’t prevent it.” (A Zale rep did not return JCK’s calls.)Along with Zale’s new backing comes high interest—15 percent a year, payable on a quarterly basis. “It’s not like they swapped out debt for equity,” says Michael O’Hara of Boston’s Consensus Advisors. “They swapped out debt for more debt.” Plus, its credit card woes continue; Citibank’s agreement to finance Zale’s b