NZ Jeweler To Pick Up 17 Whitehall Stores For $5M

Law360, New York (August 22, 2008, 12:00 AM EDT) -- New Zealand-based jeweler Michael Hill International Ltd. has signed a conditional agreement to acquire 17 stores in the Midwest from bankrupt Whitehall Jewelers Inc. for $5 million (NZD $7 million), marking the Kiwi company's foray into the U.S. marketplace.

Michael Hill announced the all-cash deal, which assigns it Whitehall's rights with respect to store fit-outs, leases and all other trading assets, on Friday.

The transaction is currently pending approval of the U.S. Bankruptcy Court for the District of Delaware, which has set a hearing to approve...
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