Zale and Other Retailers Announce Store Closures
Dallas Zale Corp. said Tuesday that it will close 60 stores in the next 90 days, joining a growing list of retailers announcing post-holiday store consolidations.
Without identifying the stores, chief administrative officer Rodney Carterc said the chain plans to close 60 unprofitable Zales, Gordon's and Piercing Pagoda locations and "several dozen more" later this year.
Zale also is cutting its capital spending to $85 million this year from a planned $100 million, he told the Cowen & Co. annual consumer conference in New York City.
In another announcement, Ethan Allen Interiors Inc. said Tuesday it will close 12 stores and two service centers, cutting operating costs amid a slowdown in the housing market. Meanwhile, Liz Claiborne Inc. said last week that it is shuttering its 54-store Sigrid Olsen chain.
On Jan. 4, Talbots Inc. said it is closing 66 Talbots Kids and 12 Talbots Men's stores. And on the same day, Pacific Sunwear of California Inc. said it is shuttering the remaining 154 stores in its demo chain.
Macy's Inc. also recently announced that it was closing nine additional stores, including one in Dallas at Valley View Center. Some analysts predict the retailer will announce more closings.