IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
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
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
