April 21, 2010

Zale plans to sell minority stake to Golden Gate

NEW YORK, April 20 (Reuters) - U.S. jeweler Zale Corp (ZLC.N) plans to sell a minority stake to Golden Gate Capital Corp, Bloomberg News reported on its website citing two people familiar with the decision.

Photo: www.zales.com

Golden Gate's offer was chosen over proposals from Centerbridge Capital Partners LLC and TPG, the people -- who declined to be identified before an announcement -- told Bloomberg News.

Zale has been struggling with sharp sales declines.

While the companies will enter into exclusive talks, a transaction could still fall apart, Bloomberg said citing the people.

Zale treasurer Stephen Massanelli declined comment. Golden Gate could not be immediately reached for comment.

Zale was seeking about $100 million to $150 million for the stake, the news service had reported earlier this month. (Reporting by Dhanya Skariachan; editing by Carol Bishopric)

Zale

archives Zale

5/24/12
Zale quarterly loss narrows, same-store sales jump
...Zale Corp reported a narrower third-quarter loss on Wednesday after another jump in sales in its fine brands segment, and the jeweler said momentum held up through the important Mother's Day period.
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2/14/12
Retail, consumer boosting US TV ad spending in 2012
...jeweler Zale Corp. But in the last two holiday seasons, Zale has ramped its TV advertising back up and sales have improved. Both jewelers have said they will advertise even more this year. (Reporting By Phil Wahba...
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1/10/12
Tiffany holiday sales weaken; Zale, Signet rise
...jewelers like Zale Corp and Signet Jewelers Ltd that cater more to Main Street shoppers -- which account for about 30 percent of annual jewelry sales in the United States -- fared better during the Christmas...
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12/15/11
Dealtalk: Luxury spread too thin can lose cachet
... with Zale Corp (ZLC.N) and J.C. Penney Co Inc (JCP.N), respectively. Vera Wang on Wednesday also expanded its clothing partnership with discount retailer Kohl's Corp (KSS.N)."It's definitely a step...
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11/22/11
Middle-class buyers give Kay Jewelers owner a lift
...rival Zale Corp (ZLC.N), which reported higher same-store sales and gross margins on Monday, helped by price increases and fewer bargains for shoppers.. In the latest sign that middle-income shoppers' finances...
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11/22/11
Zale reports smaller quarterly loss
...retailer Zale Corp reported a smaller quarterly loss on Monday as same-store sales improved. KEY POINTS Q1 2011 Q1 2010 Revenue $351 mln $327 mln Net loss $32 mln $98 mln Loss per share 99 cents $3.
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8/31/11
Zale sales improve, results pressured by costs
...Zale Corp reported its third straight quarter of same-store sales gains as middle-class shoppers felt more comfortable this year about buying jewelry for Mother's Day and the bridal season.
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8/30/11
Zale to offer Jessica Simpson diamond jewelry line
...Zale Corp will sell a line of diamond jewelry under entertainer Jessica Simpson's name, its second celebrity deal this month, as the chain's fortunes continue to improve.
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8/3/11
Talbots adopts poison pill as PE buys large stake
...retailers Zale Corp and Eddie Bauer, had earlier worked with Talbots when Golden Gate bought the retailer's J. Jill division in 2009. Janney Capital Markets analyst Adrienne Tennant believes the specialty...
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5/26/11
Tiffany's Japan sales recover
...stores. Zale Corp earlier this week also reported sales gains. "There is a targeted willingness to splurge again," Arnold said. There has been no "meaningful resistance" from customers over...
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2/23/11
Zale holiday, Valentine's Day sales soar
...retailer Zale Corp reported a higher quarterly profit as middle-class shoppers spent more on jewelry for the holidays, sending the company's shares up more than 12 percent. Sales at established stores rose 7.
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1/13/11
"Aspirational shoppers" to fuel '11 luxe rebound: execs
...mid-tier Zale reported strong holiday sales. While U.S. luxury goods purveyors wait for the U.S. market to recover more, many have turned to China for growth, whose emerging middle class can't seem to get...
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1/12/11
Zale's sales rise during key holiday season
...Zale Corp reported stronger sales during the key holiday shopping season, marking a reversal in fortunes after several quarters of declines.
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11/30/10
Retail stocks shrug off strong Black Friday sales weekend
...jewelry -- Zale Corp (ZLC.N) shares rose 3.6 percent on Monday -- they did not spend as profusely as they did before the recession. In a survey of shoppers over the weekend, 16.3 percent said that they paid for...
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9/28/10
Zale still losing market share; stock falls
...weler Zale Corp said quarterly sales fell as consumers cut back on lower-priced jewelry and the retailer continued to lose market share, sending its stock down 3.7 percent.
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9/24/10
Zale interim CEO gets top job; Breeden quits board
...operator Zale Corp named Interim Chief Executive Theo Killion to the top job permanently on Thursday and gave him a seat on its board.
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5/27/10
Pricey jewelry sales lift Tiffany, Signet
...rival Zale Corp (ZLC.N). On Wednesday 26 May, Zale reported a quarterly loss and a 2.2 percent decline in same-store sales during its first quarter. Signet shares were down 5 cents at $30.60 in premarket trading....
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5/26/10
Zale loss narrows on more full-price selling
...Zale Corp reported a smaller quarterly loss, as more full-price selling helped the jewelry store operator grapple with sliding demand, and its shares rose more than 9 percent.
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4/15/10
Signet needs acquisition for new jewelry chain
...rival Zale Corp (ZLC.N), which is facing declining sales and a liquidity crisis, and is currently seeking investors. (Reporting by Phil Wahba. Editing by Robert MacMillan)
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4/8/10
Zale shares up on report of talks with private equity firms
...Zale Corp's shares jumped after a report said that the jewelry store operator was in talks with three finalists to take a stake in the retailer.
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