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Signet Offers Employees Voluntary Exit Packages

Jeweler will lay off workers if not enough opt for transition plan.
Feb 25, 2019 6:00 AM   By Rapaport News
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 Signet Jewelers is offering employees at its Ohio headquarters benefits and assistance to leave the company voluntarily, in an effort to reduce costs.

The Voluntary Transition Program (VTP) is available to support-center and field team members at the district-manager level or above, who have been with the company for more than two years, chief people officer Mary Liz Finn told employees last week in an internal memo. The company will evaluate all applications for the VTP and decide whether to approve them.

The move is part of a plan to turn the company around after disappointing results over recent years.

“As part of Signet’s efforts to fund critical investments in our Path to Brilliance transformation plan, and drive sustained growth, we have made the difficult decision to announce a Voluntary Transition Program that will provide eligible team members the opportunity to submit an application to leave the company with certain separation benefits,” David Bouffard, vice president of Signet corporate affairs, told Rapaport News Sunday.

Signet — whose banner brands include Jared, Kay, Zales and James Allen — did not specify the number of employees it hopes will participate in the VTP. Signet CEO Gina Drosos said in a separate internal document that the company may need to lay off workers if not enough voluntarily stepped up.

The jeweler will also make further changes to improve its customer experience, in an attempt to drive more traffic to its stores.

“Funding for the improvements we need…comes from cost savings — driving out costs customers don’t see and care about, to invest in what they do,” Drosos added.

The jeweler plans to cut costs in various areas, including real estate and merchandise, it said. It will also defer merit-based pay increases this year for support-center employees.

Image: A Zales jewelry store in New Jersey. (Shutterstock)
Tags: david bouffard, Gina Drosos, James Allen, Jared, kay, Mary Liz Finn, Path to Brilliance, Rapaport News, Signet, Signet Jewelers, Voluntary Transition Program, VTP, zales
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