Zale Corporation announced that it has hired Peter J. Solomon Company, a leading independent investment banking advisory firm to the retail industry, to advise it in identifying and analyzing alternatives to maximize its financial flexibility.

Zale’s financial state has been the subject of much speculation, after holiday sales fell, its CEO and other top executives resigned and a Wall Street Journal report said it was trying to raise money from suppliers by having them buy their and other people’s goods.

JCK