Signet Implements More Job Cuts

RAPAPORT... Signet Jewelers is laying off an undisclosed number of employeesfrom its Ohio and Dallas locations, after it failed to find enough interest ina voluntary exit package it offered workers. The cuts are part of a cost-saving effort the retailer hasbeen instituting over the past several months in line with its transformationplan. "In order to make our company more agile and efficient andto fund needed investments in infrastructure and growth initiatives, Signet ismaking significant transformation efforts," David Bouffard, Signet's vicepresident of corporate affairs, told Rapaport News Sunday. "Beyondprocurement and many other savings programs, we are consolidating as necessaryto reduce our workforce through voluntary and involuntary separations." In February, the jeweler said it was offering employees avoluntary transition package, which would enable certain workers to receivebenefits for leaving the company of their own accord. However, at the time, thecompany noted it would lay off workers if not enough voluntarily stepped down. Earlier this month the Zales, Jared and Kay owner closed aDallas manufacturing facility that led to the loss of more than 100 jobs. Itwill also close 150 stores this year. The company's ultimate goal is to save$200 million to $225 million in costs over the next three years, CEO GinaDrosos said in January. Signet will offer compensation to all exiting employees,whether they accepted the voluntary buyout or were laid off. "All impacted team members are being provided outplacementservices and separation benefits to facilitate as smooth a transition aspossible," Bouffard added. In its most recent financial results, Signet reported a lossof $657.4 million, compared with a profit of $519.3 million the previous year. Image: A Kay Jewelers store/ (Corey Coyle/Flickr)