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Signet Is Done Outsourcing Its Credit Programs
It marks the end of a process that began in May 2017.
Akron, Ohio—Signet Jewelers Ltd. has completed the outsourcing of its credit programs, a process the retailer started a little over a year ago.
Signet announced Monday that it sold 70 percent of its non-prime receivables to funds managed by CarVal Investors and the remaining 30 percent to funds managed by Castlelake L.P.
In addition, CarVal and Castlelake will purchase new non-prime receivables going forward at a discount and with the same percentage breakdown, 70 percent to CarVal and 30 percent to Castlelake.
Signet, which has had problems at the store level with the outsourcing of credit programs previously, said the sale of its non-prime receivables will not impact any customer or store-facing systems.
The jeweler began getting its credit programs off its books in May 2017 after speculation arose regarding both the retailer’s method of accounting for past-due accounts and the amount of risk it was assuming in its credit program. In February 2016, Bloomberg published a story quoting critics of the jewelry retailer titled “Is Signet a Sparkly Empire or a Finance Company?” (subscription required to read).
Signet started by selling $1 billion in prime credit accounts to Alliance Data System Corp.
It inked a seven-year deal with the company, which already was handling the credit programs for the stores under the Zale umbrella, to become its primary provider of credit funding and servicing for customers of Kay Jewelers, Jared the Galleria of Jewelry and its regional brands.
In addition, the retailer signed a seven-year deal with Progressive Leasing, a subsidiary of lease-to-own retailer Aaron’s Inc., that allows customers who don’t quality for any sort of credit to do a lease-purchase on jewelry.
Signet, which is now under the leadership of Gina Drosos, is in the midst of executing a turnaround plan it calls the “Path to Brilliance.” It focuses on putting customers first, building a robust omnichannel structure and creating a culture that is more agile and efficient.
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