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Signet Jewelers to Close 150 Stores

The company’s president is also resigning.

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Signet Jewelers announced that it will close 150 stores in fiscal 2020 as it seeks to streamline its operations.

Signet stated that it “continues to strategically reduce and reposition its real estate footprint to increase store productivity and allow for more focused, impactful investments in compelling, digitally enabled new store designs, as well as targeted store appearance updates across the portfolio.” In 2020, the company expects to have “limited new store openings primarily consisting of repositions to off-mall locations.”

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In fiscal 2019, Signet closed 262 stores. The company’s retail brands include Kay, Zales and Jared.

By the end of fiscal 2020, the company expects to have reduced its store base by 13% over a three-year period.

The company also said that Sebastian Hobbs, its president and chief customer officer, will step down.

Earlier this week, Signet said it planned to close a manufacturing plant in the Dallas-Fort Worth area. The closure will mean the loss of 122 jobs.

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However, Signet continues to maintain operations in north Texas, where it has more than 700 employees.

In February, media reports said Signet was making buyout offers to 2,600 employees in Fairlawn, OH, and 800 in Dallas as part of a cost-cutting effort.

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When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

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