Signet to Shut Dallas Production Site

 RAPAPORT... More than 100 Signet Jewelers employees will lose their jobsamid the closing of the company's Texas-based manufacturing facility. The closure is part of a long-term effort by the Zales,Jared and Kay owner to cut costs and improve efficiency. "We have evaluated consolidation in key areas of ourbusiness, seeking to understand production capacity, cost and efficiency acrossour operations and distribution," David Bouffard, Signet's vice president ofcorporate affairs, told Rapaport News Tuesday. "Based on a review of ourbusiness, we have made the difficult decision to close the Signet ManufacturingDallas facility." The jeweler intends to move all operations activities to itsfactory in Akron, Ohio, by June, Bouffard added. Signet intends to maintain itspresence in Dallas, where its Zales headquarters are located, he noted. The cuts are not the first for Signet as it attempts tolower costs to fund its Path to Brilliance transformation plan. In February,the company announced a voluntary transition program for its workers, allowingthem to choose to leave the company in return for benefits and assistance. Atthe time, CEO Gina Drosos said that if not enough workers volunteered, thecompany would need to make layoffs. Signet's ultimate goal is to save $200 millionto $225 million in costs over the next three years, it said in January. The jeweler plans to announce its financial results on Wednesday. Image: A Kay Jewelers store in New Jersey. (Shutterstock)