Zale Corp. ends sale of Bailey Banks & Biddle

DALLAS Zale Corp. today announced that it has completed the sale of its Bailey Banks & Biddle brand to Finlay Fine Jewelry for a purchase price of $200 million. The company expects to realize estimated after-tax proceeds, net of transaction expenses and outstanding payables, of approximately $175 million from the sale.

The company said that its board of directors has approved a stock repurchase program of up to $200 million of Zale common stock.

Betsy Burton, ceo, commented, “The use of proceeds to repurchase stock is a way to return value to shareholders, and reflects confidence in the future as we execute our strategic plan. On behalf of Zale Corp., I would like to thank the entire team of associates at Bailey Banks & Biddle for their hard work, dedication and commitment to building a great brand.”