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Signet Jewelers to Shut Down 150 Outlets Amid Dwindling Sales June 13, 2023 (1 comment)
Akron, OH--Due to dwindling sales, jewelry heavyweight Signet Jewelers has decided to close approximately 150 outlets, primarily in North American malls. Specific locations impacted are yet to be revealed.
According to a report by The Sun, a steep 9.3% sales slump from the previous year is driving these closures.
"Lower tax refunds, economic concerns triggered by regional bank failures, and continued inflation led to a weakening trend in spending across the jewelry industry," said Virginia C. Drosos, Signet CEO, as per the report. "In line with our predictions, there were fewer engagements in the quarter resulting from COVID's disruption of dating three years ago."
The report noted that despite being recognized as one of the 2022 Best Workplaces in Retail by Great Place to Work and Fortune magazine last year, the company that houses brands such as Zales and Kay Jewelers couldn't escape the retail squeeze.
The report highlighted that several other retailers are also grappling with falling sales. Major chains like Bed Bath & Beyond, Tuesday Morning, David's Bridal and Party City have declared bankruptcy this year. Meanwhile, retail behemoths like Walmart, Macy's, GAP and Best Buy are closing stores nationwide.
As per the report, with current predictions suggesting over 50,000 stores will shut down by 2028, Insider reported that 2023 has already seen "nearly two-dozen companies have already announced layoffs impacting hundreds, sometimes thousands of employees."
Learn more in the report by The Sun.