Signet Offers Employees Voluntary Exit Packages

RAPAPORT... Signet Jewelers is offering employees at its Ohioheadquarters benefits and assistance to leave the company voluntarily, in aneffort to reduce costs. The Voluntary Transition Program (VTP) is available tosupport-center and field team members at the district-manager level or above,who have been with the company for more than two years, chief people officerMary Liz Finn told employees last week in an internal memo. The company willevaluate all applications for the VTP and decide whether to approve them. The move is part of a plan to turn the company around afterdisappointing results over recent years. "As part of Signet's efforts to fund critical investments inour Path to Brilliance transformation plan, and drive sustained growth, we havemade the difficult decision to announce a Voluntary Transition Program thatwill provide eligible team members the opportunity to submit an application toleave the company with certain separation benefits," David Bouffard, vice presidentof Signet corporate affairs, told Rapaport News Sunday. Signet - whose banner brands include Jared, Kay,Zales and James Allen - did not specify the number of employees it hopeswill participate in the VTP. Signet CEO Gina Drosos said in a separate internaldocument that the company may need to lay off workers if not enough voluntarilystepped up. The jeweler will also make further changes to improve itscustomer experience, in an attempt to drive more traffic to its stores. "Funding for the improvements we need...comes from costsavings -driving out costs customers don't see and care about, to invest in what theydo," Drosos added. The jeweler plans to cut costs in various areas, including real estate and merchandise, it said. It will also defermerit-based pay increases this year for support-center employees. Image: A Zales jewelry store in New Jersey. (Shutterstock)