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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.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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Blue Nile Names CEO from Outside Jewelry Industry

He brings nearly 20 years of executive leadership experience.

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Blue Nile CEO Sean Krell

Sean Krell

SEATTLE — Blue Nile, the largest online retailer of certified diamonds and fine jewelry, announced the appointment of Sean Kell as CEO.

Kell most recently served as CEO at A Place for Mom, America’s largest senior living referral service. He brings nearly 20 years of executive leadership in ecommerce, digital innovation, brand marketing, call center operations and product management across organizations such as Expedia, Hotels.com and Starbucks.

“Blue Nile revolutionized the consumer experience of purchasing diamonds and fine jewelry online,” said Kell. “The opportunity to deepen customer relationships and offer an extraordinary experience when shopping for the most cherished moments in their lives is an honor. I am excited to join the team and amplify our strategic priorities.”

Kell succeeds Eric Anderson, who has served as the company’s interim CEO since January 2019.

“As the engagement ring and fine jewelry industries continue to evolve, Sean’s leadership and strategic vision will elevate Blue Nile’s modern approach to becoming our customer’s jeweler for life,” said David Humphrey, a managing director at Bain Capital Private Equity and a member of the board of directors.

“Sean is a seasoned leader, and we are thrilled to have him as Blue Nile’s next CEO.”

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Jeweler Hit With Sledgehammer While Fighting Off Robbers (VIDEO)

Four suspects were arrested.

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A jewelry-store owner in Santa Monica, CA, was hit with a sledgehammer during a robbery, KABC-TV reports.

Three juveniles and an adult were reportedly involved in the smash-and-grab robbery at Heist Jewelry, which took place Thursday afternoon.

The owner pushed one of the suspects out of the store, and another suspect struck the owner with the sledgehammer, according to the report.

The suspects fled, leaving the owner with minor injuries.

Police soon found and arrested all four suspects.

The adult suspect was booed on suspicion of conspiracy to commit a crime, robbery and assault with a deadly weapon, news outlets reported. The juveniles were booked on suspicion of conspiracy to commit a crime, robbery and assault.

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Power-Cutting Burglars Target Jewelry Stores in Northeast

The trend has spread to New Jersey and Connecticut.

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The Jewelers’ Security Alliance reports that power-cutting thieves have been targeting jewelry stores in the Northeast.

The latest incidents took place in New Jersey and Connecticut. The pattern has played out in many states, with burglars cutting jewelry stores’ power lines in order to disable alarm systems, but previously had occurred mainly in the West, Midwest and South.

These are the incidents the JSA reported in a bulletin to retailers:

Morris Plains, NJ, July 27

At 6:45 p.m. on a Sunday evening two males and one female cut the power to a retail jewelry store, but police reported they left without trying to get inside the store. The same gang was reported to have done the same thing at jewelry stores in Sparta, NJ, on July 26, 2019, and in Bedminster, NJ.

Darien, CT, Aug. 8

At 11:20 p.m. suspects turned the power off at a downtown jewelry store at the outside electrical box. The power interruption tripped the burglar alarm, and the suspects waited for the police response. On Saturday, August 10, the same suspects returned at 6:20 p.m. and again turned the power off. It is believed that the suspects again waited to observe police response, and to wait for the back-up battery to be exhausted. However, no entry was made to the store. 

Fairfield, CT, Aug. 11

Between 3:00 a.m. and 4:00 a.m. on Sunday, August 11, a retail jeweler received a call from his alarm company regarding the loss of power to his store. The jeweler discovered the electrical meter cover had been pried off the box. The police responded and no suspects were observed.

JSA reported in June that it was aware of over 50 cases in which burglars had cut power lines.

The burglars cut the power lines soon after a store has closed for the night, then wait nearby to see the response by the owner or police, according to JSA.

The burglars have not carried out safe burglaries at all of the stores.

 

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