When will the layoffs start for Sterling jewelers?

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Since: Jul 08

Twinsburg, OH

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#1
Jan 4, 2009
 

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With Sterling Jewelers (LeRoys, J.B. Robinson, Kay's, etc.) chahging their vacation policies and employees purchasing policies to be a debit system when will the layoffs begin?
Will the field be hit first or the home office?
Old Man Grump

Akron, OH

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#2
Jan 4, 2009
 

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The answer is BANKRUPTCY so you won't have to worry. Not many jewelery for Xmas this year. They will all be going under soon.

“Lohio Bound”

Since: Oct 07

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#3
Jan 5, 2009
 

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They're stopping their expansion plans.

http://www.idexonline.com/portal_FullNews.asp...

Signet (Sterling's parent company) is apparently in dire financial straits.

"Zales, one of its two core US chains, also gave no guidance for 2009, warning that business had turned down sharply. Kay Jewelers, its other US arm, also said the US market is "very challenging"."


http://www.sharecast.com/cgi-bin/sharecast/st...

My guess is the field will feel it first.
LITTLE TYREE

United States

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#4
Jan 5, 2009
 

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Da brothers will just have rob each other for "bling"....a getto recycle program!

“Down in the Bayou”

Since: Apr 08

Vancleave Mississippi

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#5
Jan 5, 2009
 
I will be sending out your notices tomorrow...
wiredidiot

Akron, OH

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#6
Jan 7, 2009
 
Not funny considering holiday sales #'s are being published tomorrow....

Since: Jul 08

Twinsburg, OH

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#7
Jan 10, 2009
 

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true, and while the numbers will be down from plan they will still be up over last year sales.
so while the company is doing fine the down from plan numbers gives them the excuse not to give out bonus's to lower level employees, close store, and not buy needed equipment. But, while sales are actually higher than last years the higher ups will still get their monies and golden parachute stipulations.
capitalism at it's best.
now to play devils advocate, they do seem to have done everything they can do to keep from doing mass layoffs. so, kudos for that.
JC Chasez

United States

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#8
Jan 16, 2009
 
Cuts are always in the field first and then you have to look in credit, marketing, and customer service. That is where the majority of the people are.
Rabbi

Atlanta, GA

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#9
Jan 16, 2009
 

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Until Jan 6th I was an employee of Jared, their more upscale stand alone jewelry division, and an investor before that. Sterling US biz was off 17%, which compared to Tiffany's 35% seems small.
One of your comments was in error. Sterling does not own any part of Zale. They do own Kay's and 12 others.
As an investor generally speaking, their balance sheet is pretty good. They own most of their properties, and their debt as a worldwide co is very low. They will likely be able to hold off financial difficulty longest.
Our biz in Atlanta market was dismal. It is my understanding that only 1 store in our district made its "plan". However they were a new store so they always receive a very low plan because there is no real number. There is no really good time to be losing your job, but Shane Co in our market laid off people the week before Christmas!
One good thing for me - it looks like a good time to be getting out of that business as a whole.
Cheers!
Scooter Moonpie wrote:
They're stopping their expansion plans.
http://www.idexonline.com/portal_FullNews.asp...
Signet (Sterling's parent company) is apparently in dire financial straits.
"Zales, one of its two core US chains, also gave no guidance for 2009, warning that business had turned down sharply. Kay Jewelers, its other US arm, also said the US market is "very challenging"."
http://www.sharecast.com/cgi-bin/sharecast/st...
My guess is the field will feel it first.
ed sp

Cleveland, OH

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#10
Jan 21, 2009
 
word on the inside is 500 today. dont know which depts or field vs. home office
yikes

United States

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#11
Jan 21, 2009
 
ed sp wrote:
word on the inside is 500 today. dont know which depts or field vs. home office
i heard 400 from someone close who works in home office, or 20%. not sure how true that is..
great

Erie, PA

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#12
Jan 21, 2009
 
yikes wrote:
<quoted text>
i heard 400 from someone close who works in home office, or 20%. not sure how true that is..
Repair shop has let go at least 1/3 of jewelers this morning
destardi

Akron, OH

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#13
Jan 21, 2009
 
Scooter Moonpie wrote:
They're stopping their expansion plans.
http://www.idexonline.com/portal_FullNews.asp...
Signet (Sterling's parent company) is apparently in dire financial straits.
"Zales, one of its two core US chains, also gave no guidance for 2009, warning that business had turned down sharply. Kay Jewelers, its other US arm, also said the US market is "very challenging"."
http://www.sharecast.com/cgi-bin/sharecast/st...
My guess is the field will feel it first.
Um, Signet does NOT own Zales. Who is feeding this false information?
destardi

Akron, OH

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#14
Jan 21, 2009
 
Old Man Grump wrote:
The answer is BANKRUPTCY so you won't have to worry. Not many jewelery for Xmas this year. They will all be going under soon.
This is a ridiculous comment. See the glass half full kinda guy, huh?

Sterling will be fine; they're in a solid position to weather the stormy economy. And I agree with the previous poster; at least they've cut back on everything else first.
zingy

Akron, OH

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#15
Jan 21, 2009
 
I've heard about several executives/directors being let go. Also, a few people in my department are gone. They are currently taking a lunch break and will be starting again soon.
Seifer

Akron, OH

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#16
Jan 21, 2009
 
Very quiet day at work zingy, havent you noticed ?
Tough

Berea, OH

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#17
Jan 21, 2009
 
Really quiet day at work. They're hitting every department at the home office. I've got 6 out of mine and the department as a whole started off with less than 30.
Seifer

Akron, OH

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#18
Jan 21, 2009
 
seems like it's in the hundredish
yikes

United States

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#19
Jan 21, 2009
 
most of my sources department has been let go at this point. hoping my source still has a job at the end of the day.
also i heard of at least 1 exec that was let go
zingy

Akron, OH

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#20
Jan 21, 2009
 
It has been very quiet today. My department is done and luckily I'm still here. There have been 9 people so far around me let go, including 2 that are friends outside of work. We were told there will be 100 total layoffs and it will be done today.

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