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.
Signet has 3,200 stores worldwide, and initially, 150 stores in the U.S. and Canada and 80 in the United Kingdom will close; an additional 150 locations will shutter after their leases are reviewed. A company spokesperson said all brands will be affected, but did not say which stores will close. Last year, Signet closed 200 stores, and in 2018, the company shut down 150.
In a statement, Signet CEO Gina Drosos said the company is "gathering valuable insights on customer behaviors and plan to use these leanings to enhance our competitive advantage and emerge stronger from the crisis."