Zale Corporation
| Company type | Public (formerly) |
|---|---|
| Industry | Jewelry retail |
| Founded | 1924 in Wichita Falls, Texas, U.S. |
| Founder | Morris (M. B.) Zale, William Zale, Ben Lipshy |
| Fate | Acquired by Signet Jewelers in 2014 |
| Successor | Signet Jewelers |
| Headquarters | Coppell, Texas , United States |
Area served | United States, Canada |
| Products | Jewelry |
| Owner | Signet Jewelers (since 2014) |
| Parent | Signet Jewelers |
| Website | www |
The Zale Corporation, widely recognized as Zales, is a prominent American retailer specializing in jewelry. The company was incorporated in Delaware in 1993, with its main corporate offices situated in Coppell, Texas.
History
The origins of the company trace back to 1924 when it was established in Wichita Falls, Texas by brothers Morris (M. B.) Zale and William Zale, immigrants of Russian-Jewish descent originally named Zalefsky/Zalewski, alongside Ben Lipshy. Their inaugural store, Zales Jewelers, remains a central division within the enterprise.
To make jewelry more attainable for working-class Americans, the Zale brothers introduced an innovative credit system allowing customers to pay "a penny down and a dollar a week." This approach spurred swift growth, resulting in 12 stores across Oklahoma and Texas by 1941. In 1946, the company moved its headquarters from Wichita Falls to Dallas. The launch of its online shopping site at www.zales.com in 1998 further broadened its market presence.
Corporate restructuring
Zales Jewelers transitioned from exclusively downtown sites by opening its first shopping center location in 1957. That same year marked the company's initial public offering under the ticker ZLC, with shares trading on the American Stock Exchange by 1958. The acquisition of major rival Gordon's Jewelers took place in 1989. Additionally, during the 1960s, Zales purchased the Skillern Drug pharmacy chain but divested it by 1980.
Until 1986, Zales managed the catalog showroom business O. G. Wilson before being acquired by People's Jewelers that year.
On January 1, 1992, Zale Corporation filed for Chapter 11 bankruptcy protection.
Between 1999 and 2000, the company expanded its footprint significantly by acquiring Peoples Jewellers of Canada and Piercing Pagoda.
In 2007, Zale sold its Bailey Banks & Biddle brand to Finlay Enterprises.
Signet Jewelers agreed to purchase Zale Corporation for $1.3 billion in cash during February 2014, forming a combined entity valued at $6.2 billion.
By January 2017, Zales announced intentions to close selected mall locations as leases expired to minimize overlap with sister brand Kay Jewelers.
The corporate headquarters were relocated to Coppell, Texas in 2018.
External links
- Articles with short description
- Jewelry retailers of the United States
- American companies established in 1924
- Retail companies established in 1924
- Companies that filed for Chapter 11 bankruptcy in 1992
- Companies based in Coppell, Texas
- Companies formerly listed on the New York Stock Exchange
- 1924 establishments in Texas
- 2014 mergers and acquisitions