Operator of Kay, Zales, Jared, Piercing Pagoda plans 165 store closures
Like many other retailers with brick and mortar stores, the parent company of several well-known jewelry brands says it plans to close more stores than it plans to open in the coming year.
HAMILTON, Bermuda - Like many other retailers with brick and mortar stores, the parent company of several well-known jewelry brands says it plans to close more stores than it plans to open in the coming year.
Signet Jewelers Limited is the world's largest retailer of diamond jewelry operating approximately 3,600 stores primarily under several name brands including Kay Jewelers, Zales, Jared The Galleria Of Jewelry, and Piercing Pagoda.
The company announced in its year-end report released Thursday that it plans to close between 165 and 170 stores and open 90 to 115 stores in the coming year.
21 News reached out to Signet to find out if any of the 13 stores it operates in the Valley could be impacted.
Signet Vice President David A. Bouffard responded by noting that closures are considered as a store comes upon the end of its lease which can generally be towards the end of the year.
“While we cannot comment on a specific store's status, in general, it is not our practice to close a profitable store,” said Bouffard.
Signet operates the following stores in the Valley:
(NOTE: Signet has not said that they plan to close any of these local stores.)
Piercing Pagoda
- Eastwood Mall, Niles
- Southern Park Mall, Boardman
- Shenango Valley Mall, Hermitage
Kay Jewelers
- Eastwood Mall, Niles
- Southern Park Mall, Boardman
- Alliance, Ohio
- Hermitage, PA
- East Liverpool,OH
- Grove City Outlets, Pa.
Jared The Galleria Of Jewelry
- Market St.., Boardman
Zales
- Eastwood Mall, Niles
- Southern Park Mall, Boardman
- Grove City Outlets, Pa.
According to Signet, store closures are primarily focused on mall-based regional brands not meeting the company's financial return expectations.
The store openings will primarily involve Kay jewelers at locations outside of shopping malls, according to Signet.
Several national retailers have been scaling back their brick and mortar operations, due in a large part to competition from online sales.
Macy's and Sears recently announced a round of store closings, including the Shenango Valley Mall locations.
J.C. Penney is expected to announce the closing of 130 to 140 stores this month.
Last summer, Dillard's converted its Eastwood Mall store into a discount priced clearance center.
Signet's fourth quarter report may be read here:
