Signet — the parent company of several mall-based jewelry stores, including Kay, Zales, Jared, and Piercing Pagoda — will permanently shutter nearly 400 of its locations in the U.S., Canada, and Britain.
While sales were strong around Valentine's Day, the coronavirus pandemic hit Signet hard; with its stores forced to closed, the company had a first-quarter loss of $291 million and a 40.5 percent sales decline to $852.1 million, The Dallas Morning News reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
How will the Myanmar earthquake affect the nation's military junta?Today's Big Question More than 2,700 people have reportedly died from the earthquake
-
Max Allan Collins’ 6 favorite books that feature private detectivesFeature The mystery writer recommends works by Dashiell Hammett, Raymond Chandler, and more
-
What to know about the latest Social Security cost-of-living adjustmentThe Explainer The COLA for 2025 marked the smallest increase in years, and benefit recipients are not happy
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
