Zales, Kay and Jared Jewelers' Parent Signet Planning 150 More Store Closings

Signet Jewelers said Wednesday it plans to close more stores while online sales have slowed and it's in the process of shrinking its corporate staff, both through voluntary and forced staff cuts.Zales, Kay and Jared jewelers' parent company, Signet Jewelers, closed 232 stores in the U.S. and Canada last year and plans to close 150 more this year.Signet also said Wednesday that collecting sales taxes in additional states has hit James Allen's online operation. CEO Gina Drosos said the company is in the second year of a three-year turnaround plan and expects to have 13 percent fewer stores by the end of 2020. As part of that effort, Signet is reviewing a voluntary severance offer it made in February and March to 3,400 employees in two corporate offices in Irving and Akron, Ohio.  Continue reading...