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Signet Implements More Job Cuts

Apr 22, 2019 5:37 AM   By Rapaport News
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Signet Jewelers is laying off an undisclosed number of employees from its Ohio and Dallas locations, after it failed to find enough interest in a voluntary exit package it offered workers.

The cuts are part of a cost-saving effort the retailer has been instituting over the past several months in line with its transformation plan.

“In order to make our company more agile and efficient and to fund needed investments in infrastructure and growth initiatives, Signet is making significant transformation efforts,” David Bouffard, Signet’s vice president of corporate affairs, told Rapaport News Sunday. “Beyond procurement and many other savings programs, we are consolidating as necessary to reduce our workforce through voluntary and involuntary separations.”

In February, the jeweler said it was offering employees a voluntary transition package, which would enable certain workers to receive benefits for leaving the company of their own accord. However, at the time, the company noted it would lay off workers if not enough voluntarily stepped down.

Earlier this month the Zales, Jared and Kay owner closed a Dallas manufacturing facility that led to the loss of more than 100 jobs. It will also close 150 stores this year. The company’s ultimate goal is to save $200 million to $225 million in costs over the next three years, CEO Gina Drosos said in January.

Signet will offer compensation to all exiting employees, whether they accepted the voluntary buyout or were laid off.

“All impacted team members are being provided outplacement services and separation benefits to facilitate as smooth a transition as possible,” Bouffard added.

In its most recent financial results, Signet reported a loss of $657.4 million, compared with a profit of $519.3 million the previous year.

Image: A Kay Jewelers store. (Corey Coyle/Flickr)
Tags: david bouffard, Gina Drosos, Jared, kay, Rapaport News, Signet, Signet Jewelers, voluntary transition package, zales
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