Signet Jewelers, parent of Zales, Kay Jewelers, Jared and other jewelry brands, expects to close more than 200 stores by the end of fiscal 2019.
Signet will undertake a real estate review as part of a new three-year strategy plan to drive change and profitability within the company. The plan will save $85 million — $100 million is fiscal 2019, with more cost reductions of $115 million to $125 million by the end of the three-year program.
The company has seen store sales drop in recent years. Sterling Jewelers’ same store sales decreased 8.6 percent, mostly in sales of bridal merchandise. Zale Jewelry’s same store sales increased 4.3%, driven by the new Enchanted Disney collection.
Specific store locations have not been identified.
Signet isn’t the only jewelry company to close stores. Osterman Jewelers closed its location at the Mall at Fairfield Commons and locally owned Webers Jewelers closed its location in Kettering in 2016.