Zale Corp to close 60 stores in 90 days
Zale Corp to close 60 stores in 90 days
Wants to cut annual capital spending from the planned $110 million to $85 million
Zale Corp seems to be noticing erratic developments recently. The company wants to cut down its annual capital spending from the planned $110 million to $85 million, as its sales slipped down by 9% during November and December 2007. A result of this is that Zale intends to close down 60 stores quite rapidly within the next 90 days. And this does not seem all, as the corporate wants to close a few more dozen stores later this year. On the contrary, Breeden Capital Management has increased its stake in Zale from 15.9% to 17.7%. Breeden has increased its stake for the fourth time during the month.
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