Click to see the beacon journal online
Homes   Jobs   Cars   Shopping
Let's talk Real Estate -- Community Blog

Zale Corp to Close 115 Stores

by Tia on March 1, 2009

in Real Estate Economy

Feb 25th, Blogging Stocks reported that struggling jewelry retailer Zale Corp. (NYSE: ZLC) announced the closure of 115 stores in a drastic cost-reduction plan. The company also announced that revenue dropped nearly 18% in the second quarter.

The stores designated for closure will lock their doors for good when their leases mature. The closing stores are poor sales performers. In addition, ZLC announced that it will cut its capital spending by 65%, along with 245 jobs already cut this month. Furthermore, the jeweler plans to reduce its debt by roughly $40 million from the end of the second quarter through July (which is the end of ZLC's fiscal year). ZLC noted that the addition of Canadian and Puerto Rican assets give the company flexibility and sufficient liquidity.

{ 1 comment… read it below or add one }

Lamar Prellwitz September 2, 2012 at 6:21 pm

Superb post but I was wanting to know should you could write a litte a lot more on this subject? I’d be really thankful in the event you could elaborate slightly bit far more. Thanks!

Leave a Comment

Previous post:

Next post:

 

© The Akron Beacon Journal • 44 E. Exchange Street, Akron, Ohio 44308

Powered by WordPress
Entries (RSS) and Comments (RSS).