PHILADELPHIA (Reuters) - Whitehall Jewelers Inc., which was investigated for securities fraud last year but dodged criminal charges, said Thursday it needs extra capital to sustain itself and that its newly designated chief executive has resigned.

Whitehall (Research) said it is considering raising new debt or equity financing and has asked for temporary extensions on payments to suppliers and other accounts. It said it did not expect to file its second-quarter results "on a timely basis" and gave no estimate as to when results would be released, but the company said it would show a net loss.

The New York Stock Exchange contacted Whitehall on Tuesday after its shares plummeted nearly 22 percent to their lowest level since 2000, but the company would not comment on trading activity.

The Chicago-based jewelry retailer said Beryl Raff, who was supposed to start her tenure as CEO within weeks, resigned on Wednesday and plans to return the compensation she has already been paid. The company's former chairman and CEO, Hugh Patinkin, died in March.

Whitehall, whose declining sales at its Whitehall, Lundstrom and Marks Bros. jewelry stores led to a wider loss in the first quarter, has paid out $12.73 million to settle lawsuits related to last year's federal securities fraud probe.

Raff, whose appointment as CEO was effective Aug. 10, was also set to become a member of the board of directors once her active employment began. Raff had been a fine-jewelry executive at J.C. Penney Co. and before that, the CEO and chairman of jeweler Zale Corp.

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