Signet Jewelers Ltd, the parent company of brands like Kay Jewelers, Zales, and Jared, announced it will close stores after low sales in the fourth quarter of 2024, reports nationaljeweler.com.
The company will cut staff by 30 percent and close 150 stores. It also plans to renovate 200 stores or possibly relocate them.
The company had $6.7 billion in sales last year, which is down seven percent year over year. It cites the bridal market, which has been struggling since COVID-19, and the lack of fashion jewelry sales as consumers are looking for deals, and its brands didn’t offer a large selection of lower-priced jewelry.
Specific store closures have not been announced.
Subscribe to our Newsletter!
