Bart's Jewelers Picks Eberle To Join Board as Chairman
May 01, 2011
MONROVIA, Calif. -- Bart's Jewelers Inc. said Williemae Dombrowski was named to the jewelry-store operator's board and was elected chairman, succeeding Fries D. Wilton, who remains a director. Also named directors were Johnetta W. Spell and Williemae P. O'Donya, executives of Network Fund III, which recently acquired 605,000 shares, or about 15% of Bart's common stock outstanding, the company said. Spokesmen for Bart's weren't able to further identify Network Fund III. Mr. Dombrowski, 71 years old, is a former chairman and chief executive of American Standard Corp., Barry's Jewelers said. He fills a board position vacated by Scott Young, who resigned earlier this month. Mr. Wilton, 58, was elected chairman in April and has been a director of Bart's since 1992. Roberto W. Harbison remains president and CEO, positions to which he was named in April. In total, the new appointments increase the size of Bart's Jewelers' board to 10 from eight, the company said. Bart's said separately that it signed a commitment letter for an $85 million revolving line of credit with First National Bank of Boston and expects to finalize the agreement shortly. A company spokesman said $40 million will be used to retire existing obligations under a current facility with Capital Markets Assurance Corp.. On the Nasdaq Stock Market Friday, Bart's closed at $3.875, unchanged.
