Big surprise: Consumers are buying much jewelry in this economy. Zale Corp. announced that it closed 118 stores during its most recent quarter, which ended July 31.Over its full fiscal year, the Dallas-based company, which still operates just over 1,900 units, shut 191 locations. The retail is also entering rental-reduction agreements with landlords at its current stores, the company says.Fourth-quarter numbers for the company aren't out yet, but in its third quarter, same-store sales fell 20%, and the outfit posted a net loss of $23.2 million. We're guessing the fourth quarter didn't go so well either.We take it there could be more of these closures in the future especially if analyst reports about the company's mismanagement, on top of the recession, are true.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
