ZALE CLOSURES: Zale Corp. said Wednesday it will close 105 stores and cut 20 percent of its headquarters' staff to streamline operations to generate $65 million in yearly savings. The company said $5 million in savings will be realized in the fourth quarter ending July 31 from the restructuring. The Dallas-based jewelry chain said some of its planned operational initiatives, reduction of $100 million in inventory and reduced spending from $85 million in fiscal 2008 to $45 million in fiscal 2009, were announced previously. Of the 105 locations, 95 are considered underperforming and 50 are kiosks. The company, cutting 225 jobs, has already eliminated 140 filled positions and 85 open posts at headquarters. "In order to improve Zale's overall performance and provide our value-oriented customer with an exceptional experience, it is essential that we reduce the company's infrastructure costs, which have outpaced its sales growth since 2002," said Neal Goldberg, Zale's president and chief executive officer.
WET SEAL EXIT: The Wet Seal Inc. chief operating officer Gary White has resigned to become chief executive officer of United Retail Group Inc., a subsidiary of Redcats USA Inc. The company does not plan to replace White, who was hired in 2004. Ed Thomas, Wet Seal's ceo, indicated that he will assume some of White's duties and will distribute others among company managers. Wet Seal, a retailer of young women's contemporary apparel and accessories, operates 494 stores in 47 states, the District of Columbia and Puerto Rico.
Breaking: @cushnieetochs’ co-founders @carlycushnie and @ochsmichelle are parting ways. After a 10-year run, Ochs is leaving the brand. Get the full story on WWD.com – link in bio. #wwdnews #wwdfashion
@maybelline’s Kanako Takase had snow bunnies in mind when creating the beauty look for @philipppleininternational. Playing off of the bedazzled snowboards in the collection, Takase mixed two highlighters together for a luminous sheen. #wwdbeauty #nyfw (📷: @jilliansollazzo)
“There’s a huge gap between the old way of doing things and today. It takes the youth to help evolve that. You have to count on the kids today to help lead you into the future. A lot of these retailers are stuck in the past. Communication is the biggest thing,” said @ronniefieg of @kith on the youth’s role in retail. On Monday night, Jeff Staple moderated a keynote session with Fieg and @syresmith at Assembly - a series of workshops, talks and keynotes addressing topics or issues in the apparel industry. Head to WWD.com to read more advice from Fieg and what Smith thinks of his dad @willsmith’s Instagram account and sustainability (📷: @weston.wells)
@joansmalls closed the @michaelkors fall 2018 show in black sequined pants and a varsity T printed with 19 on the front and 81 on the back. 1981 – the year Kors went into business. #wwdfashion #nfyw (📷: @giovanni_giannoni_photo)
“You think your life is going to be a certain way, and nothing you thought would happen ends up happening. Never in my wildest dreams did I think I’d be designing clothes and working with Mickey Drexler, and building something I’m deeply proud of,” said Jenna Lyons. Nine months after leaving @jcrew, Lyons is exploring the meaning of happiness. Read the interview, where Lyons talks about reinvention and more on WWD.com – link in bio. #wwdfashion (📷: Farrell) #jennalyons #jcrew