Owner of Kay, Jared and Zales plans to close 150 jewelry stores

Signet Jewelers Limited, the parent company of Kay Jewelers, Jared and Zales, has announced they will be closing 150 stores by 2020.

According to a press release, the decision was made due to declining sales.

“We did not finish the year as strongly as expected due to a highly competitive promotional environment, continued consumer weakness in the UK, and lower than expected customer demand for legacy merchandise collections that impacted our holiday fourth quarter results,” explained CEO Virginia Drosos.

She said they are now planning to focus on opening stores in locations outside of malls.

Last year, they closed 262 stores.

Signet Jewelers Limited is the world’s largest retailer of diamond jewelry.

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