EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
MajorsJun 14, 2017
Sears, Saks Parent Co. Both Cutting Jobs
Sears will lay off more than 400 while HBC, which operates Saks Fifth Avenue and Lord & Taylor, will eliminate about 2,000 positions.
Retailers Sears Holdings Corp. and HBC announced recently that they are cutting 400 and 2,000 jobs, respectively, in an effort to cut costs in a retail environment that remains challenging.
New York--Both Sears and HBC, which operates Saks Fifth Avenue and Lord & Taylor, announced recently that they are laying off employees in an effort to cut costs.
Hoffman Estates, Illinois-based Sears Holdings Corp. said Tuesday that it is cutting about 400 full-time positions--less than 1 percent of its total headcount of 140,000--at its corporate offices and support functions worldwide as well as “certain positions” in its field operations.
Sears spokesman Howard Riefs said the company is not disclosing specific figures in relation to field operations layoffs.
It’s part of the retailer’s effort to cut $1.25 billion in costs this fiscal year in the face of sliding sales brought on, in part, by a decline in mall traffic and competition from e-tailers like Amazon.
In the first quarter ended April 29, Sears Holdings Corp. reported a total sales decline of 19 percent to $4.3 billion. Same-store sales were down 12 percent, including 11 percent at Kmart and 12 percent at Sears stores in the U.S.
The retailer, however, posted its first quarterly profit in about two years, with a net income attributable to shareholders of $244 million, compared with a loss of $471 million in the same quarter last year.
Also as part of its cost-cutting initiative, Sears has shuttered nearly a quarter of its stores over the past year. As of the first quarter ended April 29, the company operated a total of 1,275 stores, down from 1,622 at the same time last year.
This includes the 150 stores--42 Sears and 108 Kmart locations--the company announced back in January that it would be closing this year.
Those closures are already complete, with various media outlets reporting that the retailer will shutter as many as 96 more stores by the end of the summer, bringing the total number of store closures close to 250 in the first half of the year.
Riefs did not respond to request for comment on these reports.
Sears ranked
No. 7 on National Jeweler’s 2016 list of $100 Million Supersellers, with an estimated $750 million in fine jewelry and watch sales in fiscal year 2015.
Toronto-based retailer HBC announced last Thursday that it plans to cut 2,000 positions, including those previously announced in February, as part of a restructuring plan that will save more than $350 million. The 2,000 job cuts represent about 3 percent of HBC’s worldwide workforce of approximately 66,000.
HBC operates Saks Fifth Avenue and Saks Off Fifth, which ranked No. 26 on National Jeweler’s 2016 list of $100 Million Supersellers, as well as Lord & Taylor, online retailer Gilt, Hudson’s Bay and, in Europe, Galeria Kaufhof and Galeria Inno.
The company said the cuts will “flatten the organization by removing layers to make HBC more nimble and streamline the decision-making process.”
The restructuring plan also realigns the company’s expenses so it is pouring more money into its digital operations, which showed growth in Q1.
HBC reported Thursday that it saw total and same-store sales decline 3 percent in the first quarter ended April 29. Online sales, meanwhile, grew almost 6 percent.
“We are reallocating resources to accelerate the opportunity we see online, as we run our brick-and- mortar operations more efficiently … At this critical moment of change in the retail industry, I believe in the future of our all-channel model and we are adapting to meet the evolving needs of our customers,” said Richard Baker, HBC governor and executive chairman.
Toronto-based retailer HBC announced last Thursday that it plans to cut 2,000 positions, including those previously announced in February, as part of a restructuring plan that will save more than $350 million. The 2,000 job cuts represent about 3 percent of HBC’s worldwide workforce of approximately 66,000.
HBC operates Saks Fifth Avenue and Saks Off Fifth, which ranked No. 26 on National Jeweler’s 2016 list of $100 Million Supersellers, as well as Lord & Taylor, online retailer Gilt, Hudson’s Bay and, in Europe, Galeria Kaufhof and Galeria Inno.
The company said the cuts will “flatten the organization by removing layers to make HBC more nimble and streamline the decision-making process.”
The restructuring plan also realigns the company’s expenses so it is pouring more money into its digital operations, which showed growth in Q1.
HBC reported Thursday that it saw total and same-store sales decline 3 percent in the first quarter ended April 29. Online sales, meanwhile, grew almost 6 percent.
“We are reallocating resources to accelerate the opportunity we see online, as we run our brick-and- mortar operations more efficiently … At this critical moment of change in the retail industry, I believe in the future of our all-channel model and we are adapting to meet the evolving needs of our customers,” said Richard Baker, HBC governor and executive chairman.
More on Majors
The Latest
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
