The owner of jewelry stores Kay, Zales and Jared’s plans to shutter as many as 150 locations in fiscal 2020 as part of a turnaround plan for the company.
Signet Jewelers is recovering after a weak holiday season and announced the move Wednesday as part of an effort to save $225 million, according to a release.
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"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," CEO Virginia C. Drosos said in a release.
The company closed 262 stores in fiscal year 2019. Any new store openings will primarily be relocations to off-mall locations.