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Zale gets payment extension from Citibank

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Irving, Texas Zale Corp. is getting a 30-day payment extension from lender Citibank, the company said in a securities filing on Tuesday.

Earlier this year, Citibank informed Zale of the potential of their agreement being terminated unless Zale managed to make a $6 million payment on or before April 1.

Zale said in a securities filing this week that the company has been given an extension to make the payment by April 30.

Zale closed a turbulent second quarter of fiscal year 2010 by posting a surprising profit. The profit came on the heels of the corporation firing its CEO and two other key executive managers, citing the company's lack of success in meeting its performance goals.

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