Signet Group PLC has announced that the possible merger with Zale Corporation is not going ahead. This will end speculation about when the merger was to have taken place after protracted discussions.
UK based Signet confirmed a report in the Financial Mail on Sunday that they were in talks about a possible merger with Zale, a US based jewellery chain.
Signet has 1,837 jewellery stores in the UK and the US. In the UK signet has 591 stores trading under the names of H Samuel, Ernest Jones and Leslie Davis. However 73 per cent of Signet’s annual group sales came from the 1,246 stores across the US under the trading names of Kay Jewelers, Jared the Galleria of Jewelery and other regional trading names.
Last week, Signet reported a 10 per cent increase in the first quarter pre-tax profits, which was better than expected with a strong performance from the US side to offset any losses in the UK.
The Zale deal is off according to Signet
Fri, 16 Jun 2006
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