(WTHR) – The largest jewelry store chain that owns Kay Jewelers, Zales and Jared announced that it plans to close 150 stores over the next year.
Signet Jewelers, which owns the three stores, announced the store closings with its latest earnings report Wednesday.
According to the report, the company already closed 262 stores in the 2019 fiscal year. The next 150 closings will have a special focus on mall locations.
In a statement provided to Business Insider, a Signet spokesperson said:
"Signet is too highly exposed to lower performing malls, so we are being highly disciplined in evaluating our store performance and decisions on which stores to close will be economically driven and based on the profitability and potential of each store including our ability to renegotiate leases at favorable rates."
In the report, Signet says the company's total sales were $2.15 billion, which is down about $138.4 million or 6 percent. The company also notes there will be limited new openings "primarily consisting of repositions to off-mall locations."
By the end of the fiscal year in February 2020, "the company expects it will have reduced its store base by 13 percent over a three-year period."
This is just another announcement among many big store chains closing stores over the past year. Among those are Sears, Payless ShoeSource, Toys 'R' Us, Beauty Brands and Charlotte Russe.
