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Signet To Begin Lay-Offs As Not Enough Sign Up For Voluntary Staff Cut

Signet Jewelers, which had, in February this year, sought voluntary staff cuts after a disappointing holiday season, has now announced that it will lay off some employees in Akron as not enough personnel had signed up for what it calls the Voluntary Transition Program or VTP.

The company, which reported an operating loss of $765 million on revenue of 6.25 billion in fiscal 2019 and is currently implementing a turnaround plan that involves the closure of 150 retail stores and the limiting of new store openings this year, had indicated that it would resort to layoffs if there were not enough sign-ups to the VTP.

Signet Vice President for Corporate Affairs David Bouffard was quoted as saying, “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 outplacement assistance.”

The company did not indicate how many employees had signed up for the VTP and how many would be laid off.

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