Largest jewelry chain, including Kay Jewelers, Zales and Jared, to close 150 stores this year

The largest jewelry chain that owns Kay Jewelers, Zales and Jared has announced plans to close 150 stores over the next year.

(WTHR) – The largest jewelry chain that owns Kay Jewelers, Zales and Jared has announced plans to close 150 stores over the next year.

Signet Jewelers, owner of the three stores, announced the store’s closure on Wednesday with its latest earnings report.

According to the report, the company has already closed 262 stores in fiscal 2019. The next 150 closings will focus on mall locations.

In a statement provided to Business Insider, a spokesperson for Signet said:

“Signet is too heavily exposed to underperforming malls, so we are very disciplined in evaluating the performance of our stores and decisions on which stores to close will be economical and based on the profitability and potential of each store, including including our ability to renegotiate leases at favorable rates. ”

In the report, Signet says the company’s total sales were $ 2.15 billion, down about $ 138.4 million or 6%. The company also notes that there will be a limited number of new openings “mainly consisting of repositioning to non-mall locations”.

By the end of the fiscal year in February 2020, “the company expects to have reduced its store base by 13% over a period of three years.”

This is just another announcement among many large chain stores that have closed stores in the past year. These include Sears, Payless ShoeSource, Toys ‘R’ Us, Beauty Brands and Charlotte Russe.

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