Kay and Zales Parent Company Will Close 150 Stores This Year
(CNN) – Signet Jewelers, which operates Kay, Zales, Peoples and Jared stores, plans toclose more than 150 stores this year as traffic slows to the mall retailer.
Signet closed 262 stores last year.It still has more than 2,800 stores in North America.
The retailer announced the plan on Wednesday. It also reported results for the holiday stretch.
Sales at stores in North America open for at least a year fell 1.4% in November, December and January compared with a year ago, including an 8.4% decline at Jared.
The company predicts same-store sales will fall by up to 2.5% this year.
Signet’s holiday results and guidance were not as bad as some investors feared. Signet’s stock was flat during pre-market trading.
Management from Zales at the Miller Hill Mall says he has not been informed of any closings.
A phone call made to Kay at the Miller Hill Mall was not immediately returned.