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Shake-up at the top for Zale

December 20, 2007

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Irving, Texas—Zale Corp. President and Chief Executive Officer Betsy Burton has stepped down from her position, replaced by a retail veteran from outside the company.

The Irving, Texas-based chain jeweler announced on Thursday that Neal Goldberg will replace Burton, who had been at the helm since February 2006.

Goldberg has 27 years of experience in the retail industry, including senior roles at Macy's, Victoria's Secret and Gap Inc. Most recently, Goldberg served as president of The Children's Place retail stores, which sell children's clothing and accessories.

Zale Board Chairman John B. Lowe Jr. said Goldberg's unique combination of skills make him a perfect fit to take the reigns at Zale.

"In his various roles at specialty retailers and department stores, Neal has proven to be both a strong merchant and a skilled operator who has inspired his colleagues and earned the respect of his business partners. We are delighted that he has agreed to join Zale to continue the focus on driving shareholder value," he said.

The chain jeweler has fallen on hard financial times in recent years. Same-store sales decreased 0.4 percent for the first quarter ended Oct. 31, and revenues decreased 1.2 percent to $378 million compared with $382 million for the same period last year, the company reported in November.

In addition, Zale Corp. sold off its high-end Bailey Banks and Biddle division earlier this year to Finlay Fine Jewelry Corp., a sale that netted the company $175 million.
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