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Signet to Close 380 Stores Permanently

The number amounts to 12% of its locations.

Published

3 years ago

June 9, 2020

INSTORE Staff

Signet Jewelers Ltd. is looking to close at least 380 stores permanently in 2020, Bloomberg reports.

Pandemic-related closures will become permanent at 150 stores in the U.S. and 80 in the U.K. And another 150 closures are planned.

In all, the planned closures amount to about 12 percent of the company’s stores, according to Bloomberg. Signet’s brands include Jared, Kay and Zales.

Signet CEO Gina Drosos said the company is seeking to shed underperforming stores while increasing its e-commerce efforts.

“Shopping malls will continue to be an important part of a customer shopping experience but it’ll vary mall by mall,” she told Bloomberg.

Signet tmporarily closed all 2,800 of its North America stores in March because of COVID-19. Sales dropped 40 percent to $852 million for the quarter.

Read more at Bloomberg

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