Signet Jewelers, the parent company of jewelry chain stores Kay, Jared and Zales is expected to let more than 3,000 employees go from its corporate operations in Akron, Ohio, and Dallas, Texas. Reportedly, Signet is offering voluntary buyouts to 2,600 employees in Akron and 890 employees in Dallas.
The company expects that the employees' voluntary departures will be enough"to fund critical investments in our Path to Brilliance transformation plan and drive sustained growth."
"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 Signet's David Bouffard.