The jeweler’s same-store sales declined by 5.3 percent for its fiscal fourth quarter (ended Feb. 3) and by 5.8 percent for the full year, CEO Virginia Drosos said in a press release. The company made no specific mention of which banners the closures would affect.

"We will optimize our real estate portfolio through opportunistic reinvestment in innovative store concepts, relocations to off-mall locations and strategic store closures," Drosos said. "Efforts include development and implementation of innovative store concepts to improve the in-store shopping experience, execution of opportunistic store relocations and store closures to reduce the company’s mall-based exposure, and exiting regional brands. As approximately three-quarters of stores expected to close are within the same mall as another Signet banner, the company expects approximately 30 percent of revenue from closed stores to transfer to remaining Signet stores."