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Signet, parent company of Jared & Zales, closing nearly 400 stores

3 years 8 months 3 weeks ago Tuesday, June 09 2020 Jun 9, 2020 June 09, 2020 5:07 PM June 09, 2020 in News
Source: Dallas Morning News

The parent company of the country's largest mall-based jewelry stores is joining the long list of businesses closing down locations in the wake of the coronavirus shutdown.

The Dallas Morning News reports Signet, which is parent to Kay, Zales, Jared, H. Samuel, Peoples and Piercing Pagoda, announced it will permanently close 380 stores.

Of its roughly 3,200 stores, Signet said 150 stores in the U.S. and Canada and 80 in the United Kingdom that closed for the pandemic would not reopen. Another 150 stores are expected to close as leases are reviewed.

Signet would not specify which stores are shuttering but said the closures would affect multiple brands.

The news comes after the company announced a loss of $291 million in its first quarter and a 40.5-percent sales decline to $852.1 million.

The chain had closed more than 200 stores last year and 150 in 2018.

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