Owner of Kay, Jared and Zales is planning to close 150 jewelry stores

Signet Jewelers Limited, the parent company of Kay Jewelers, Jared and Zales, has announced that they will close 150 stores by 2020.

According to a press release, the decision was made due to a decline in sales.

"We have not completed the year as strongly as expected due to a highly competitive sales environment, continued consumer failure in the UK, and lower than expected customer demand for older commodity collections that affected our quarterly results for the fourth quarter," CEO Virginia Drosos explained.

She said that they are now planning to focus on opening stores in locations outside malls.

This year they closed 262 stores.

Signet Jewelers Limited is the world's largest dealer of diamond jewelry.