Zale Corporation

The Zale Corporation (best known as Zales) is an American jewelry retailer, incorporated in Delaware in 1993. The principal executive offices are located in Coppell, Texas.[4]

"Zale" and "Zales" redirect here. For other uses, see Zale (disambiguation).
Zale Corporation
TypeSubsidiary
IndustryRetailing
Founded1924 (Wichita Falls, Texas)
HeadquartersIrving, Texas, U.S.
Number of locations
Zales and Gordon’s: 781
Zales Outlet: 130
Peoples and Mappins: 206
Piercing Pagoda: 652
(October 2012)[1]
Key people
Terry Burman (Chairman)
Terrell Wilson (CEO)
Matthew Appel (CAO)
ProductsJewelry
RevenueIncreaseUS$1.888 billion (2013) [2]
Increase$35.12 million (2013)
Increase$10.01 million (2013)
Total assetsIncrease$1.187 billion (2013)[2]
Number of employees
12,500 (July 2012)[3]
ParentSignet Jewelers
(2014–present)
DivisionsZales
Gordon's Jewelers
Peoples Jewellers
Mappins
Piercing Pagoda
Websitewww.zales.com
A Zales store on the second floor of the Lehigh Valley Mall in Whitehall Township, Pennsylvania, October 2020

History

The company began in 1924 in Wichita Falls, Texas, when the two Russian-Jewish immigrant brothers Morris (M. B.) Zale and William Zale (born Zalefsky), along with Ben Lipshy opened the first Zales Jewelers store[5] (now a division in the multi-division company).

As a marketing strategy, the Zale brothers instituted a credit plan whereby customers could pay "a penny down and a dollar a week," making jewelry and other merchandise affordable for the average working American. The success of this credit policy led to the company expanding to a total of 12 stores in Oklahoma and Texas by 1941. Zales Jewelers moved its headquarters from Wichita Falls to Dallas in 1946. In 1998, online shopping was opened at www.zales.com.

Corporate restructuring

In 1957, Zales Jewelers opened its first store in a shopping center—a major shift from operating only in downtown locations. The same year, Zales announced the initial public offering of its stock (ZLC) and began trading its public shares on the American Stock Exchange in 1958. In 1989, Zale acquired Gordon's Jewelers, which had been a major competitor.[6] Zales bought the Skillern Drug pharmacy chain in the 1960s, but sold it in 1980.[7]

Until 1986, Zales operated a catalog showroom called O. G. Wilson.[8]

In 1986, People's Jewelers bought Zales.

On January 1, 1992, Zale filed for Chapter 11 bankruptcy.[9]

In 1999 and 2000, Zale expanded with two major acquisitions: Peoples Jewellers of Canada and Piercing Pagoda.

In 2007, the company divested its Bailey Banks & Biddle brand to Finlay Enterprises.[10]

In February 2014, Signet Jewelers agreed to buy Zale Corporation, with Zale shareholders receiving USD$21 a share in cash in USD$1.3 billion deal.[11] The merger created a $6.2 billion firm.[11]

In January 2017, Zales announced it would close a handful of its mall stores when the leases expire, to avoid duplication with former rival Kay Jewelers.[12]

In 2018, the company moved its headquarters to a new building in Coppell, Texas.

References
  1. "Zale Corporation 2012 Annual Report".
  3. "Zale Corporation | Company profile from Hoover's". Archived from the original on 2010-02-01. Retrieved 2010-02-04.
  4. "Contact Zale Corporation." Zale Corporation. Retrieved on November 17, 2012. "EXECUTIVE OFFICES 901 W. Walnut Hill Lane Irving, TX 75038-1003"
  5. Harry Hurt III (June 1977). "Diamonds Aren't Forever". Texas Monthly.
  6. Times, Nina Andrews, Special To The New York (1989-05-25). "COMPANY NEWS; Zale to Acquire Gordon Jewelry". The New York Times. ISSN 0362-4331. Retrieved 2015-09-06.{{cite news}}: CS1 maint: multiple names: authors list (link)
  7. "Zale Corporation - Company Profile, Information, Business Description, History, Background Information on Zale Corporation". www.referenceforbusiness.com.
  8. "History of Zale Corporation – FundingUniverse". www.fundinguniverse.com.
  9. "Zale Corporation forced into bankruptcy". The Washington Post. January 1, 1992. Retrieved February 24, 2023.
  10. Zale Corporation (2005). "Zale Corporation: Our History". Corporate homepage. Retrieved 2006-09-17.
  11. Karr, Arnold J. (19 February 2014). "Signet to Buy Zale". WWD. Retrieved 19 February 2014.
  12. Barr, Barbara (12 January 2017). "Lebanon Valley Mall may lease to daycare centers, medical offices" – via www.wgal.com.
  • Zales Jewelers
  • ZALE JEWELRY CORPORATION from the Handbook of Texas Online
    • Historical business data for Zale Corporation:
    • SEC filings
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