Last year Whitehall Jewelers filed bankruptcy and liquidated 373 stores. In the first quarter of 2009, two regional jewelry retailers, Robbins Bros. and Fortunoff filed for Chapter 11 protection.
Robbins Bros. plans to continue as the "world's largest engagement ring store" after selling four of its stores, but the sparkle is gone for Fortunoff, which will close its doors after 87 years of business and one big liquidation sale. Apparently diamonds are not high on the average retail recession shopping list.
In the Q1 2009 Zale Corporation announced 245 employee job cuts and 115 store closings. When making the announcment, CEO Neal Goldberg said that "a culture of cost discipline and financial rigor is vital to Zale’s ongoing success."
If everything goes as planned, Zales will end 2009 with 2.052 stores.
In the Q1 2009 Zale Corporation announced 245 employee job cuts and 115 store closings. When making the announcment, CEO Neal Goldberg said that "a culture of cost discipline and financial rigor is vital to Zale’s ongoing success."
If everything goes as planned, Zales will end 2009 with 2.052 stores.