The world's largest diamond jewelry retailer plans to close another 150 stores in the fiscal year.
Signet Jewelers officials, who operate approximately 3,300 stores primarily under the trademarks of Kay Jewelers, Zales, Jared The Galleria of Jewelry and Piercing Pagoda, announced the closing on Wednesday with their quarterly earnings.
Last fiscal year, the company closed 262 stores, including 232 stores located in North America.
Director General Virginia C. Drosos said in a statement on Wednesday that last fiscal year, the company began its "path towards transforming brilliance, creating critical capabilities to drive future growth." He said the company made progress in "initiatives, achieving a two-digit growth in electronic commerce, delivering $ 85 million in net cost savings, and continuing to optimize the presence of our store."
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Kay is the largest retail jeweler specializing in sales in the United States. It is, along with Zales Jewelers, Peoples Jewelers, Piercing Pagoda and Ernest Jones, part of the Signet Jewelers conglomerate. (Photo: Jim Maguire)
"However, we did not end the year as strongly as expected due to a highly competitive promotional environment, continued weakness of consumers in the UK and lower demand for the collection of legacy products that affected our fourth quarter holiday results. "said Drosos.
By the end of the fiscal year in February 2020, "the company expects its store base to be reduced by 13% over a three-year period."
Of the 3,334 stores of the company, 2,857 stores are located in the US. UU And Kay has the most stores with 1,214 and Zales has 658.
According to figures from global marketing research firm Coresight Research, bankruptcy reports and company earnings reports, almost 6,500 stores are already closed.
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