CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
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.
The Latest
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
