Zales, Kay Jewelers Owner May Close Stores – Could Lubbock Be Impacted?
It seems like in this economy, no retailer is safe -- not even jewelry stores.
According to Fortune.com, Signet Jewelers, the parent company of Zales, Kay Jewelers and Jared, might close up some stores due to a weak 2018.
The weak results were based partially on $11 million in penalties the retailer had to pay to settle charges of credit card fraud regarding new accounts. A decline is luxury spending over the Christmas holiday didn't help, Fortune reported.
Signet CEO Virginia Drosos said in a statement that the company will “move decisively to improve profitability through aggressively optimizing our cost structure and continuing to right-size our store base,” retail executive speak for closing stores.
As of now, it's business as usual at all these stores, including the Lubbock locations. Like always, if something happens, we will let you know.