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.”
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.
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.