Company Profile For Whitehall Jewelers Holdings, Inc.

Whitehall Jewelers Holdings, Inc., formerly known as BTHC VII, Inc. (BTHC), owns and operates a jewelry business. The Company is the ultimate parent company of Whitehall Jewelers, Inc. (WJI). Through its operating subsidiary, the Company has been a national specialty retailer of fine jewelry offering a selection of merchandise in the categories, such as diamonds, gold, precious and semi-precious jewelry and watches. As of April 30, 2008, the Company operated 375 stores in 39 states. The Company operates stores in regional and super regional shopping malls under the names Whitehall and Lundstrom. On April 11, 2008, WJI acquired assets pursuant to an asset purchase agreement (the Asset Purchase Agreement), dated April 11, 2008, with Friedman’s Inc. and Crescent Jewelers (collectively, the Sellers). The acquired assets relate to 78 of the Sellers’ retail locations.

BRIEF: For the fiscal year ended 2 February 2008, Whitehall Jewelers Holdings Inc.'s revenues decreased 9% to $242.9M. Net loss from continuing operations increased 62% to $74.1M. Revenues reflect a decrease in sales due to store closings and remodeling for limited period. Net loss also reflects the presence of impairment of long-lived assets & goodwill, increased selling, general & administrative expenses and higher interest expenses.