Retail group to move away from less profitable high street stores.
Signet is planning to close 15 stores in the UK this year as it focuses on shopping centre locations and moves away from “less profitable” high street stores.
The group has forecast that it will shut 10 H Samuel stores and five Ernest Jones shops. The retail group has no plans to open any stores.
Last year Signet closed five H Samuel stores and two Ernest Jones stores and opened one new Ernest Jones shop.
Signet is also taking action to improve staff scheduling and reduce property costs to offset lower expected gross merchandise margins the present financial year, which have been brought on by high gold prices and the VAT rise.