Report: Tiffany to shutter Iridesse

New York City Tiffany & Co. is planning to shutter its underperforming Iridesse pearl jewelry retail chain, the Wall Street Journal reported.

Tiffany launched the 16-store chain in 2004 with a splashy advertising campaign. But the recession "ultimately proved too stressful for this young business," Tiffany's chief executive Michael Kowalski said in an internal memo reviewed by the Wall Street Journal.