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Signet to Shut Dallas Production Site
Apr 2, 2019 9:18 AM
By Rapaport News
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RAPAPORT... More than 100 Signet Jewelers employees will lose their jobs
amid the closing of the company’s Texas-based manufacturing facility.
The closure is part of a long-term effort by the Zales,
Jared and Kay owner to cut costs and improve efficiency.
“We have evaluated consolidation in key areas of our
business, seeking to understand production capacity, cost and efficiency across
our operations and distribution,” David Bouffard, Signet’s vice president of
corporate affairs, told Rapaport News Tuesday. “Based on a review of our
business, we have made the difficult decision to close the Signet Manufacturing
Dallas facility.”
The jeweler intends to move all operations activities to its
factory in Akron, Ohio, by June, Bouffard added. Signet intends to maintain its
presence in Dallas, where its Zales headquarters are located, he noted.
The cuts are not the first for Signet as it attempts to
lower costs to fund its Path to Brilliance transformation plan. In February,
the company announced a voluntary transition program for its workers, allowing
them to choose to leave the company in return for benefits and assistance. At
the time, CEO Gina Drosos said that if not enough workers volunteered, the
company would need to make layoffs.
Signet’s ultimate goal is to save $200 million
to $225 million in costs over the next three years, it said in January.
The jeweler plans to announce its financial results on Wednesday.
Image: A Kay Jewelers store in New Jersey. (Shutterstock)
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Tags:
david bouffard, Gina Drosos, Jared, kay, Rapaport News, Signet, Signet Jewelers, zales
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