Signet Jewelers to Close 380 Zales, Jared, and Kay Stores in 2020

Signet Jewelers (NYSE: SIG) said hundreds of stores that operate under the Zales, Jared, and Kay Jeweler banners in the U.S. and the U.K. will not reopen while hundreds of others, many in shopping malls, will also be shut down. The retailer's stores have long been a fixture of the shopping mall, but several years ago Signet began reducing its presence in Class D malls, lower-tier malls where tenants generate fewer sales per square foot and have high numbers of vacancies. During Signet's first-quarter earnings conference call with analysts yesterday, CEO Virginia Drosos said the current economic climate now has it looking to further reduce its exposure to Class B and C malls, too.