The world's largest diamond jewelry retailer plans to close another 150 stores during the year.
Signet Jewelers, which operates approximately 3,300 stores, mainly under the Kay Jewelers, Zales, Jared, The Galleria Of Jewelry and Piercing Pagoda brands, announced Wednesday the closing of the site with their quarterly results.
In the last fiscal year, the Company closed 262 stores, including 232 in North America.
The CEO, Virginia C. Drosos, said Wednesday in a statement that the previous year, the company had begun its process of transformation "Path to Brilliance, strengthening the core capabilities to generate future growth." It has also made progress in initiatives to achieve growth in two-digit e-commerce, generating net cost savings of $ 85 million and further optimizing our store footprint. "
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Kay is the largest jeweler specializing in retail in the United States. It is part of the Signet Jewelers conglomerate with Zales Jewelers, Peoples Jewelers, Piercing Pagoda and Ernest Jones. (Photo: Jim Maguire)
"However, we have not finished the year as well as expected due to a very competitive promotional environment, persistent consumer weakness in the UK and a higher demand. lower than expected for the legacy commodity collections that impacted the fourth quarter results of our vacation, "said Drosos.
From here at the end of the fiscal year, in February 2020, "the company expects to have reduced its store base by 13% over a three year period".
Of the company's 3,334 stores, 2,857 are in the United States, with Kay having the largest number of stores (1,214) and Zales, 658.
According to figures from the global market research company Coresight Research, bankruptcy filings and reports on corporate results, nearly 6,500 stores should already be closed.
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