The world's largest diamond jewelry retailer plans to close another 150 stores in the fiscal year.
Officials with Signetjewelers, operating about 3,300 stores primarily under the names of Kay Jewelers, Zales, Jared The Galleria Of Jewelery and Piercing Pagoda, announced the closing Wednesday with their quarterly earnings.
Last fiscal year, the company closed 262 stores, including 232 stores in North America.
CEO Virginia C. Drosos said in a statement on Wednesday that the last fiscal year, the company started its "Road to Brilliance Transformation Travel", building basic skills to drive future growth. "She said the company made progress on" initiatives that achieved double-digit e-commerce growth, delivering $ 85 million in cost savings and continuing to optimize our store footprint.
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"However, we have not completed the year as strongly as expected due to a highly competitive advertising environment, continued consumer failure in the UK, and lower than expected customer demand for older commodity collections that impacted our feather quarterly results the quarter, says Drosos.
At the end of the fiscal year in February 2020, "the company expects it to have reduced its business base by 13% over a three-year period."
Of the company's 3 334 stores, 2,857 are stores in the United States, and Kay has most 1,214 and Zales stores with 658.
Based on figures from global market research company Coresight Research, bankruptcy records and corporate revenues, nearly 6 500 stores already slated to be shuttered.
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