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Signet Begins Layoffs After Falling Short of Buyout Target
The jewelry retailer is looking to cut costs as part of its “Path to Brilliance” turnaround plan.
Akron, Ohio—Signet Jewelers Ltd. will begin layoffs after not enough employees opted into its “voluntary transition program,” the company confirmed Wednesday.
The company declined to disclose the number of employees that who will be laid off, but said all departing employees, whether voluntary or involuntary, are expected to leave the company on April 26.
The buyout program was announced in February, giving employees the option to exit in exchange for a severance package and assistance in finding a new job, though not direct job placement.
Employees in store support centers who had been with Signet for two years or more, or those in a district manager position or above, were eligible. Retail store employees were not part of the buyout program.
Signet was looking to save an undisclosed amount of money through the voluntary buyouts, with the goal of avoiding layoffs, but acknowledged Wednesday that it fell short.
“We were hopeful that we could achieve our cost savings targets through the VTP, but we have let some employees know today that based on VTP participation, we are taking additional actions, including an involuntary reduction-in-force with transition and out-placement assistance,” Signet Vice President of Corporate Affairs David Bouffard said in a company statement shared with National Jeweler.
The retailer is letting go of employees as it looks to cut costs as part of its three-year turnaround plan called the “Path to Brilliance,” which also includes closing 150 more stores this fiscal year.
In its latest quarterly financials release, the company said the workforce reductions are part of estimated cost-cutting measures totaling $60-$70 million in the current fiscal year.
Signet employs nearly 3,400 people at its two headquarters: 2,608 in Akron and 789 in Dallas, the longtime headquarters of the Zale business.
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