Whitehall Jewellers, Inc. Announces Completion of Merger

CHICAGO--()--June 8, 2006--WJ Acquisition Corp. ("WJ Acquisition"), a wholly owned subsidiary of WJ Holding Corp. ("Holdings") and an affiliate of Prentice Capital Management, LP ("Prentice") and Holtzman Opportunity Fund, L.P. ("Holtzman"), was merged today with and into Whitehall Jewellers, Inc. ("Whitehall"). At the special meeting of the stockholders of Whitehall held today, the stockholders adopted the Agreement and Plan of Merger, dated as of February 1, 2006, by and among Whitehall, Prentice, Holtzman, Holdings and WJ Acquisition.

As a result of the merger, Whitehall has become a direct, wholly owned subsidiary of Holdings and each outstanding Whitehall common share, par value of $0.001 per share, has been converted into the right to receive $1.60, and each outstanding Whitehall Class B share, par value of $1.00 per share, has been converted into the right to receive $56.67, in each case in cash without interest (in each case other than shares held in the treasury of Whitehall, by Prentice, Holtzman or their affiliates, or by dissenting stockholders who perfect their appraisal rights).

About Whitehall Jewellers

Whitehall Jewellers, Inc. is a national specialty retailer of fine jewelry, operating 316 stores in 37 states. The Company operates stores in regional and super regional shopping malls under the names Whitehall Co. Jewellers, Lundstrom Jewelers and Marks Bros. Jewelers.

Contacts

Whitehall Jewellers, Inc.
John R. Desjardins, 312-762-9751

Contacts

Whitehall Jewellers, Inc.
John R. Desjardins, 312-762-9751