Kay Jewelers, Jared and Zales Closing 150 Stores
Signet Jewelers has announced it will close at least 150 stores as part of a turnaround plan. Are any CNY stores on the chopping block?
Signet Jewelers, the parent company of Kay Jewelers, Jared, and Zales, announced it would be closing at least 150 stores due to poor 'mall' sales this past holiday season. They specify that mall traffic is drastically down due to the internet, and have had to rely on promotions to get sales.
CNBC reports that year to date, Signet’s shares are down 12.5% and are initiating a turnaround plan for the fiscal year 2020. They're closing stores across the country and will focus more on products, marketing, and online business.
It's unclear at this time which locations will be closing.
Kay Jewelers has 64 stores in NYS with 7 locations in the Albany area, a store in Binghamton, Oneonta, New Hartford, and 2 spots in the Syracuse area.
Jared has 7 locations in NYS with 1 store in Syracuse.
There are 37 Zales locations in NY including stores in New Hartford and Syracuse, 2 in the Albany area and a place in Binghamton.