Signet Jewelers Limited, the world's largest retailer of diamond jewelry, provided an update on its global operations in response to the continued spread and impact of COVID-19.
Virginia C. Drosos, Chief Executive Officer, stated: “The health and safety of our team members and customers continues to be our top priority. Out of the highest respect for governmental orders and the advice of leading health officials, we have temporarily closed our physical locations in North America. Store team members will receive pay and benefits through April 4, 2020 in a combination of base pay and available paid time off provisions, at which time we will further assess the situation. We will continue to follow the guidelines of government and health officials in determining when we will reopen our stores.”
Ms. Drosos continued, “Retailers are already experiencing the severe impact of the impact of COVID-19 on the global economy, and we are anticipating continued reduction in consumer spend. We are moving quickly and aggressively to strengthen Signet’s financial flexibility, prioritize investments, and reduce capital expenditures and operating expenses. This will include implementing reduced work hours, furloughs and reduced compensation…”
Ms. Drosos continued, “Retailers are already experiencing the severe impact of the impact of COVID-19 on the global economy, and we are anticipating continued reduction in consumer spend. We are moving quickly and aggressively to strengthen Signet’s financial flexibility, prioritize investments, and reduce capital expenditures and operating expenses. This will include implementing reduced work hours, furloughs and reduced compensation…”
Image credit: Signet
The Company has temporarily closed all of its stores in North America effective March 23, 2020. This includes the Company’s Kay Jewelers, Zales, Jared, James Allen, Peoples and Piercing Pagoda banners and the Company’s support centers. Following these temporary closures, the Company will reopen stores as pandemic conditions allow.
Nevertheless for all of life’s most meaningful moments, from birthdays to engagements, Signet’s online platforms and channels remain open.
Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels
