On Jan. 25, 2008, Addison-TX based Friedman's Inc. and its subsidiary, Crescent Jewelers, filed Chapter 11 -- Again. At the time, the company did not confirm whether it would close any the 473 stores still operating at the time. Last week, the bankruptcy court granted Friedman's permission to initiate inventory liquidation at 377 stores, which will result in shuttered doors in just a few months. The company reported $400 million in inventory at the stores. In the bankruptcy filing, it reported debts of $172 million. CIT Group supplied the company with a $75 million credit facility, while Harbinger Capital supplied it with a $17.2 million term loan. Some good news, however, is that Whitehall Jewelers Holdings (OTCBB: WHJH), through its wholly-owned subsidiary, Whitehall Jewelers, Inc., announced Apr. 11 that it has acquired the inventory, assets, deposits and other tangibles, as well as assumption of the leases, relating to 78 Friedman's stores for $14.3 million. Those stores will operate either as Whitehall or Lundstrom stores; currently the company operates 297 stores under those banners. Whitehall said it acquired the stores in bankruptcy proceedings and that the price was 63% of the aggregate cost value of inventory.