Zale closes 118 retail locations in Q4

Dallas Zale Corp. announced that it has closed 118 retail locations in its fourth quarter due to underperformance.

The company has closed 191 locations in the calendar year, including 160 retail stores and 31 kiosks.

Zale will also settle some rent obligations for 34 Bailey, Banks & Biddle locations. It is still trying to negotiate agreements for the 11 remaining locations.

The closings and Bailey, Banks & Biddle liabilities will result in a fourth-quarter charge of $50 million.

Zale has 1,931 retail locations excluding the announced closures.