Dear Shareholders, • On September 23, 2010, the Company entered into an agreement with Citibank to provide the privateIntercreditor Agreement • October 28th, 2010
Contract Type FiledOctober 28th, 2010Our financial performance in the first half of fiscal label credit card program for the Zales, Zales 2010 fell short of our expectations. As a result, in Outlet and Gordon’s brands in the United States. January of this year significant changes were made to The agreement, which commenced on October 1, the Company’s executive management team, and I was 2010, is for a term of five years with automatic appointed by the board as Interim Chief Executive renewals for successive two-year terms and Officer in addition to my role as President. The new replaces the Company’s agreement with Citibank, executive team immediately began work on a plan to which was set to expire in March 2011.