Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Signet Offers Employees Exit Plan as It Looks to Cut Costs
Layoffs will follow if the cost-cutting target is not met.
Akron, Ohio—Signet Jewelers Ltd. is offering a “voluntary transition program” to its more than 3,000 corporate employees in Akron, Ohio, and Dallas as it looks to cut costs, two memos shared with National Jeweler show.
Employees in store support centers who have been with Signet for two years or more as well as in a district manager position or above can opt to leave the company.
In turn, the company will offer the usual severance packages as well as assistance in finding a new job, including resume-building and interviewing classes. Direct job placement, however, will not be provided.
Signet employs a total of about 3,400 people at its two headquarters; 2,608 in Akron and 789 in Dallas, the longtime headquarters of the Zale business.
Signet Vice President of Corporate Affairs David Bouffard said Thursday that while there is no set number of employees needed to depart, there is a yet-undisclosed cost-savings figure that will need to be met.
If Signet doesn’t hit that number, then layoffs will follow and those who are laid off will also have the benefit of the transition assistance, he said.
“We are hopeful that we can achieve the cost savings we need in this voluntary way, but we may need to make further headcount reductions to free needed funding for investments,” said CEO Virginia Drosos in one of the company’s memos.
Employees have until March 25 to submit an application, as per a memo sent out by Chief People Officer Mary Liz Finn.
Signet will decide who is accepted into the “voluntary transition program” by April 16, and those who are leaving will be gone by the end of April.
The cost-savings number will be disclosed in Signet’s fourth-quarter results, which are set to be released April 3 after being postponed from March.
Signet is coming off a rough holiday season that Drosos said “fell short of our expectations” and is looking to slim down by closing stores, negotiating for lower rents, cutting spending, reducing the cost of goods and trimming staff.
In addition to cutting employees at company headquarters, Signet also is not giving raises to workers in its Support Center this year, with Finn calling it a “very difficult decision” in her memo.
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.