Signet to Close Hundreds of Stores

Signet Jewelers (Hamilton, Bermuda) announced that at least 150 of its locations in North America and another 80 stores in the U.K. will not reopen after being temporarily closed due to the COVID-19 pandemic, Retail Dive reports.

By the end of the fiscal year, the retailer reportedly plans to close another 150 stores at least. In total, the retailer operates roughly 3200 stores under several banners including Kay Jewelers, Jared, Zales and many others.

While its digital sales in the last quarter rose to $164.7 million, its total sales fell by 40.5 percent to $852.1 million, with a store comp decline of 38.9 percent year over year, Retail Dive reports.