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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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Orin Mazzoni, Jr., the owner of Orin Jewelers in Garden City and Northville, Michigan, decided it was time to downsize. With two locations and an eye on the future, Mazzoni asked Wilkerson to take the lead on closing the Garden City store. Mazzoni met Wilkerson’s Rick Hayes some years back, he says, and once he made up his mind to consolidate, he and Hayes “set up a timeline” for the sale. Despite the pandemic, Mazzoni says the everything went smoothly. “Many days, we had lines of people waiting to get in,” he says, adding that Wilkerson’s professionalism made it all worthwhile. “Whenever you do an event like this, you think, ‘I’ve been doing this my whole life. Do I really need to pay someone to do it for me?’ But then I realized, these guys are the pros and we need to move forward with them.”

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