EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
MajorsMay 19, 2014
Zale ‘sets the record straight’ on Signet deal
TIG Advisors LLC are “short-term opportunists” who are spreading inaccurate information about the proposed Signet-Zale merger and misrepresenting the facts, Zale Corp. has said in a letter designed to “set the record straight” regarding the deal.
Dallas--TIG Advisors LLC are “short-term opportunists” who are spreading inaccurate information about the proposed Signet-Zale merger and misrepresenting the facts, Zale Corp. has said in a letter designed to “set the record straight” regarding the deal.
Made public Tuesday morning, the letter outlined eight assertions made by TIG and then presented “the facts,” with Zale noting that TIG’s recent communications regarding the merger “exemplify TIG’s approach to this investment as short-term opportunists who are clearly ignoring the risks they are imposing on Zale’s long-term stockholders.”
Sent from Terry Burman, Zale’s chairman of its board of directors, to Drew Figdor, portfolio manager at TIG Advisors, the letter begins by stating that TIG’s valuation analysis of the proposed merger with Signet Jewelers Ltd. is flawed and that the $21 cash-per-share consideration “represents immediate and certain value for the company’s stockholders.”
Burman noted that the board “weighed the uncertainties associated with executing the continued turnaround of Zale in a difficult macroeconomic climate and highly competitive retail environment,” when deciding to merge with Signet.
His letter goes on to counter other claims made by TIG Advisors, including that the sale process was replete with conflicts of interests and that the $21-per-share price was based on “stale financial forecasts.” It notes that Zale’s forecast for fiscal year 2014 included in its three-year business plan was revised down following lower-than-expected sales in the first two quarters and that this is the information used when the board evaluated the Signet deal.
“Contrary to being ‘stale’ the three-year business plan and the financial results that were reviewed by the board and made available to its financial advisor when evaluating the $21.00 offer price represented the most up-to-date information available,” the letter states.
RELATED CONTENT: Zale in tug of war with TIG over Signet merger
Burman ended the letter, the latest in a series of exchanges between Zale and TIG Advisors, by again urging shareholders to vote for the merger with Signet. The full text of the letter can be read on the Zale Corp. website.
Zale released the letter Tuesday morning in conjunction with its fiscal third quarter results.
Same-store sales increased 2 percent on a constant exchange rate basis (0.6 percent on a U.S. dollar reported basis) in the period while total sales fell 3 percent, from $442.7 million to $431.0 million. Zale said the decline in total sales was attributable to the
Editors' Picks
Sponsored by
closing of 78 stores and a decline in the Canadian exchange rate.
Gross margin on sales rose from 52.6 percent to 56.0 percent due to more favorable commodity costs, fewer markdowns and the company’s sourcing initiatives.
Net earnings increased from $5.1 million to $8.8 million.
In the U.S., Zales/Zales Outlet outperformed the chain’s other stores, posting a 2 percent increase in same-store sales at constant exchange rates, compared with a 0.4 percent increase for Gordon’s and a 0.1 percent decline for Piercing Pagoda.
In Canada, Peoples reported a 5 percent increase in same-store sales while comps for Mappins fell 3 percent. All same-store sales include sales from the associated e-commerce businesses.
Zale did not hold a conference call to discuss its third quarter results.
Based in Dallas, Zale operates a total of 1,629 jewelry stores in the United States and Canada as of April 30, down from 1,707 a year ago.
More on Majors
The Latest
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
Weekly QuizNov 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
