SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
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
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
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
