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

Posted: 1:26 PM, Apr 16, 2019
Updated: 2019-04-16 13:26:10-04
Signet Jewelers

AKRON, Ohio — Signet Jewelers announced Tuesday it will lay off some employees after not enough people signed up for voluntary buyouts.

In a statement to News 5, Signet Vice President David Bouffard said:

“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.”

News 5's media partner at reports the retailer did not specify how many employees would be laid off or how many are taking part in the VTP.

At its campus in Akron, Signet has about 2,600 employees. The company has about 3,500 stores. Its brands include Kay, Jared, Zales, Piercing Pagoda, and others.

RELATED: Report: Signet Jewelers asking employees for voluntary buyouts