Signet Jewelers Limited expects to close more than 150 stores this year, reducing overall store count by 13 percent over a three-year period.
The jewelry company, which owns Kay Jewelers, Jared Galleria of Jewelry, Zales, H. Samuel, Ernest Jones, Peoples, Piercing Pagoda and several regional brands like Osterman Jeweler and Rogers Jewelers, recorded same-store sales drops of 2 percent in the fourth quarter of 2018, according to a statement. For the full year, sales decreased o.1 percent.
The company also expected same store sales to drop up to 2.5 percent over the next year, ranging through flat sales growth.
The company closed 262 stores last year. Over the next year it will close 150 more, and open a limited number. New openings will primarily be relocations to off-mall sites.