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Sales slowdown forces Sterling layoffs

January 22, 2009

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Akron, Ohio--The recessionary economy has forced Sterling Jewelers Inc. to layoff 114 employees at its home office in Akron, Ohio, the company announced on Wednesday.

"This was a difficult business decision, but one we believe we needed to make," Sterling Jewelers President and Chief Executive Officer Mark Light said in a media release. "Despite our collective and significant efforts, the global recession and deteriorating U.S. economy continue to impact our industry and our company's overall financial performance."

The company said it is providing affected employees a comprehensive transition package.

"We value and respect all the men and women who have helped make Sterling the industry's leader and are supporting those affected during their transition," Light said.

The news follows an announcement earlier this month by Sterling's corporate parent, Bermuda-based Signet Jewelers Ltd., that the company's U.S. sales declined by 14 percent for the nine weeks ended Jan. 3, compared with the same period the prior year.

Sterling Jewelers operates more than 1,400 stores in all 50 states under the brand names Kay Jewelers and Jared The Galleria Of Jewelry, as well as a number of regional names, and employs more than 20,000 team members. For more information about the company, visit its Web site, SterlingJewelers.com.
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Business | National Economy | U.S. National Economy

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