Signet Jewelers to lay off employees after not getting enough voluntary buyouts

“As part of Signet’s Path to Brilliance transformation plan, in February we announced a Voluntary Transition Program (VTP) that will provide eligible team members with the opportunity to transition out of the company with certain separation benefits. Though this was a difficult decision, it was necessary as we focus on identifying cost savings to invest in the business initiatives that will help us deliver inspiring products and ideal online and in-store shopping experiences to our customers. We were hopeful that we could achieve our cost savings targets through the VTP, but we have let some employees know today that based on VTP participation, we are taking additional actions, including an involuntary reduction-in-force with transition and out placement assistance.”