Jewelry company that owns Kay and Zales is giving up on malls
Signet Jewelers, which owns Kay, Zales and Jared jewelry retail locations, has rolled out plans to move away from shopping malls, closing more than 150 stores around the world in the fiscal year ahead. The world's largest retailer of diamond jewelry said that follows 262 stores closed in fiscal year 2019.
Signet also announced that about 20 to 25 of its U.S. stores would be repositioned to off-mall locations.
So far, the company has not disclosed which locations would be closing in the coming months.
Kay Jewelers has maintained 1,247 U.S. stores, including 28 in New Jersey .
Zales Jewelers and Zales Outlet currently has 704 stores, including 17 in New Jersey.
Jared The Galleria Of Jewelry has 274 stores, including at least seven in New Jersey.
By the end of 2020, the company expects it will have reduced its store base by 13% over a three-year period.
Since 2004, Kay has been the largest specialty retail jewelry store brand based on sales.
The plans were announced as the company said global fourth quarter earnings in 2019, including the winter holiday season, were $2.15 billion, down $138.4 million or 6% from the year before.
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