Jewelry

New York – A group director for two Tiffany & Co. stores in Houston has filed a lawsuit alleging the retailer discriminates against African-Americans in hiring and promotions for management and executive-level jobs. A complaint filed by Michael McClure in federal court in New York on May 29 says that McClure is the only African-American holding one of 200 U.S. management-level positions at Tiffany, and that there are no African-American executives in the company.

BitPay has entered into a partnership with Hester Street Fair, an outdoor marketplace in New York, which will allow the fair’s vendors to accept bitcoin.

Hosted in New York’s Lower East Side, Hester Street Fair offers everything from handmade jewelry and rare vintage pieces, to wood fired pizza and ice cream sandwiches.

The following vendors will be accepting bitcoin:

Los Angeles -- Another online retailer is taking the brick-and-mortar plunge. California lifestyle brand Gypsy05 announced it will open its first two retail locations at the end of this month. After nearly 10 years of business, the brand has decided to open branded Gypsy05 retail stores, in Beverly Hills, and in the Malibu Country Mart in Malibu, California. The brand is set to open a third location, in Orange County, California, later this year, but real estate negotiations have not been completed.

New York -- Jo-Ann Fabric and Craft Stores named Jim Wright as senior VP of marketing and advertising, and Megan Featherston as senior VP of merchandising.

Wright has served in multiple marketing leadership roles at national retail brands. He was most recently senior VP of marketing at Express where he was responsible for their brick-and-mortar and e-commerce advertising and marketing strategies.

Hamilton, Bermuda -- It’s official: Signet Jewelers Ltd. has completed its acquisition of Zale Corporation for $21 per share in cash and a total consideration of $1.46 billion. Zale shareholders approved the acquisition by its longtime rival on May 29.

With the deal completed, Signet now operates over 3,600 locations under the retail banners of Kay, Jared, and Zales in the United States; H.Samuel and Ernest Jones in the United Kingdom; and People's in Canada. Signet also now operates kiosks in the United States under the Piercing Pagoda banner.

Chattanooga, Tenn. — The Cheesecake Factory and Island Purveyor featuring Tommy Bahama have taken space at CoolSprings Galleria in Nashville, Tenn., according to the center’s owner CBL & Associates Properties. Both plan to open later this year.

The new tenants are part of CBL’s redevelopment and expansion plans for the 1.1 million-sq.-ft. super regional shopping center anchored by Belk, Dillard’s, J.C. Penney and Macy’s.

New York – Tiffany & Co. grew net earnings 50% in a successful first quarter of fiscal 2014. Net earnings increased 50% to $126 million, up from $84 million in the same period a year earlier, aided by the elimination of pre-tax charges relating to staff and occupancy reduction.

Worldwide net sales grew 13% to $1.01 billion, from $895.48 million. Worldwide same-store sales rose 11% due to growth in most regions.

Tiffany chairman and CEO Michael J. Kowalsk said the company enjoyed “an excellent and encouraging start to the year.”

The company grew net earnings 50% in the first quarter. Net earnings increased 50% to $126 million, up from $84 million in the same period a year earlier, aided by the elimination of pre-tax charges relating to staff and occupancy reduction.

Worldwide net sales grew 13% to $1.01 billion, from $895.48 million. Worldwide same-store sales rose 11% due to growth in most regions.

Dallas – Zale Corp. reported net earnings of $9 million in the third quarter of fiscal 2014, an impressive 80% jump from $5 million a year earlier. This soaring growth came even as revenues slipped 3% to $431 million, from $443 million.

A lower cost of sales and higher pretax earnings and operating earnings helped boost Zale’s net earnings. Zale cited the net decrease of 78 stores compared to the prior year and a decline in the Canadian exchange rate, partially offset by same-store sales growth of 1.9%, as driving down revenues.

Hamilton, Bermuda - Signet Jewelers Ltd. has closed the offering of $400 million senior unsecured notes due 2024 by Signet U.K. Finance PLC (a wholly owned indirect subsidiary of Signet). The notes will bear interest at a rate of 4.7% per year and mature on June 15, 2024.