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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.