Headlines

Feds Investigate Signet’s Credit Practices

Published

6 years ago

December 4, 2017

INSTORE Staff

The New York AG is also investigating.

Signet Jewelers revealed that it is under investigation by the U.S. Consumer Financial Protection Bureau in connection with its “credit practices, promotions, and payment protection products.”

The CFPB’s Office of Enforcement “is considering recommending that the CFPB take legal action against Signet” alleging violations of the Consumer Financial Protection Act and the Truth in Lending Act, Signet (NYSE: SIG) stated in a filing with the Securities and Exchange Commission.

Signet states in the filing that it “has cooperated and continues to fully cooperate with the CFPB.” It has informed the bureau of its “belief that the potential claims lack merit.”

New York’s attorney general “is investigating similar issues under its jurisdiction,” the company said. Signet said it’s also cooperating with that investigation.

“Signet continues to believe that its acts and practices relating to the matters under investigation are lawful,” the company stated in its SEC filing.

Signet is the parent of Sterling Jewelers, which operates Jared the Galleria of Jewelry, Kay Jewelers and Zales.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”