The jewelry giant that owns popular stores such as Kay Jewelers, Zales, and Jared the Galleria of Jewelry, will close more than 150 of its stores over the next year.
Signet Jewelers Ltd. made the announcement at the same time it detailed a slow down in recent sales, with CEO Virginia Drosos noting the company “did not finish the year as strongly as expected due to a highly competitive promotional environment, continued consumer weakness in the UK, and lower than expected customer demand for legacy merchandise collections that impacted our holiday fourth quarter results.”
As a result, it’s closing a sizable chunk of its more than 3,500 stores. And that’s after shutting down 262 of its stores during the previous fiscal year.
Signet, the world’s largest retailer of diamond jewelry, has not announced which stores will be shuttered. A spokesperson told the incredibly named Maine newspaper the Fiddlehead Focus, “We do not publish a list of store openings or closures.” Most of those closings will come after the upcoming holiday period however.
Earlier this year Business Insider said millennials (of course) aren’t too keen on traditional diamonds, and their preferences are upending jewelry businesses such as Signet.