Popular jewelry chain announces they will close 150 stores this year.
Signet Jewellers, headquartered in Ohio and the world's largest retailer of diamond jewelry, has delivered some disappointing news this week.
Due to declining sales, one hundred fifty stores, primarily located in malls across North America, will be closed this year. At this stage, no locations have been named, but I will update readers as soon as this news is announced.
The business experienced a 9.3 percent drop in sales from the year before.
"Lower tax refunds, economic concerns triggered by regional bank failures, and continued inflation led to a weakening trend in spending across the jewelry industry...In line with our predictions, there were fewer engagements in the quarter resulting from COVID’s disruption of dating three years ago" Signet CEO Virginia C. Drosos
Last year, Great Place to Work and Fortune magazine named Ohio based Signet Jewelers as one of the 2022 Best Workplaces in Retail™. Brands include Zales and Kay Jewelers.
Retail apocalypse
The announcement by Signet is the latest from retailers feeling the pinch from declining retail sales.
Already this year, major retail chains, including Bed Bath & Beyond, Tuesday Morning, David's Bridal, and Party City, have filed for bankruptcy. Others, including Walmart, Macy's, GAP, and Best Buy, are shuttering locations across the nation.
There are predictions over 50,000 will close by 2028. According to Insider, already in 2023, "nearly two-dozen companies have already announced layoffs impacting hundreds, sometimes thousands of employees."
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