(Translated by https://www.hiragana.jp/)
Sterling Jewelers: Difference between revisions - Wikipedia Jump to content

Sterling Jewelers: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
Tags: Mobile edit Mobile app edit iOS app edit
Line 25: Line 25:


==History==
==History==
Signet Jewelers, based in the U.K., is a specialty retail jeweler, with stores in the United States, United Kingdom, Canada, Republic of Ireland, and Channel Islands. Approximately 78% of company sales are derived from the 12 different store brands operating in the U.S. They include Belden Jewelers,<ref name=Robinson>{{Cite web |title=J.B. Robinson Jewelers Locations |url=https://www.sterlingjewelers.com/en/sterlingjewelersstore/cms/sterling-our-company-1 |publisher=Sterling Jewelers |access-date=13 February 2019}} See the logos at the top of the page.</ref> Ernest Jones,<ref name=sterling/> Goodman Jewelers,<ref name=Robinson/> H.Samuel,<ref name=sterling/> J.B. Robinson Jewelers,<ref name=Robinson/> JamesAllen.com,<ref name=sterling/> Jared The Galleria Of Jewelry,<ref name=sterling/> Kay Jewelers,<ref name=sterling> {{Cite web |title=The Sterling Family of Jewelers |url=https://www.sterlingjewelers.com/en/sterlingjewelersstore/cms/sterling-our-company-1 |publisher=Sterling Jewelers |access-date=13 February 2019}}</ref> Signet Jewelers Limited, Le Roy's Jewelers,<ref name=Robinson/> Marks & Morgan,<ref name=Robinson/> Osterman Jewelers,<ref name=Robinson/> Peoples,<ref name=sterling/> Peoples,<ref>{{Cite web |title=About Signet Jewelers |url=https://www.kay.com/en/kaystore/cms/kay-our-company |publisher=Signet Jewelers |access-date=13 February 2019}}</ref> Piercing Pagoda,<ref name=sterling/> Rogers Jewelers,<ref name=Robinson/> Shaw's Jewelers,<ref name=Robinson/> Weisfield Jewelers,<ref name=Robinson/> and Zales,<ref name=sterling/> among others (all of which operate as Sterling divisions).<ref>{{Cite web |title=Regional Brands |url=https://www.signetjewelers.com/stores/regional-brands/default.aspx |publisher=Sterling Jewelers |access-date=13 February 2019}}</ref><ref>{{Cite web |title=Stores |url=https://www.signetjewelers.com/stores/default.aspx |publisher=Signet Jewelers |access-date=13 February 2019}}</ref><ref>[http://d18rn0p25nwr6d.cloudfront.net/CIK-0000832988/9f451544-b068-4f6c-ba01-751036a458d2.pdf 2017 Form 10-K] (Annual report)</ref>
Signet Jewelers, based in the U.K., is a specialty retail jeweler, with stores in the United States, United Kingdom, Canada, Republic of Ireland, and Channel Islands. Approximately 78% of company sales are derived from the 12 different store brands operating in the U.S. They include Belden Jewelers,<ref name=Robinson>{{Cite web |title=J.B. Robinson Jewelers Locations |url=https://www.sterlingjewelers.com/en/sterlingjewelersstore/cms/sterling-our-company-1 |publisher=Sterling Jewelers |access-date=13 February 2019}} See the logos at the top of the page.</ref> Ernest Jones,<ref name=sterling/> Goodman Jewelers,<ref name=Robinson/> H.Samuel,<ref name=sterling/> J.B. Robinson Jewelers,<ref name=Robinson/> JamesAllen.com,<ref name=sterling/> Jared The Galleria Of Jewelry,<ref name=sterling/> Kay Jewelers,<ref name=sterling> {{Cite web |title=The Sterling Family of Jewelers |url=https://www.sterlingjewelers.com/en/sterlingjewelersstore/cms/sterling-our-company-1 |publisher=Sterling Jewelers |access-date=13 February 2019}}</ref> Signet Jewelers Limited, Le Roy's Jewelers,<ref name=Robinson/> Marks & Morgan,<ref name=Robinson/> Osterman Jewelers,<ref name=Robinson/> Peoples,<ref>{{Cite web |title=About Signet Jewelers |url=https://www.kay.com/en/kaystore/cms/kay-our-company |publisher=Signet Jewelers |access-date=13 February 2019}}</ref> Piercing Pagoda,<ref name=sterling/> Rogers Jewelers,<ref name=Robinson/> Shaw's Jewelers,<ref name=Robinson/> Weisfield Jewelers,<ref name=Robinson/> and Zales,<ref name=sterling/> among others (all of which operate as Sterling divisions).<ref>{{Cite web |title=Regional Brands |url=https://www.signetjewelers.com/stores/regional-brands/default.aspx |publisher=Sterling Jewelers |access-date=13 February 2019}}</ref><ref>{{Cite web |title=Stores |url=https://www.signetjewelers.com/stores/default.aspx |publisher=Signet Jewelers |access-date=13 February 2019}}</ref><ref>[http://d18rn0p25nwr6d.cloudfront.net/CIK-0000832988/9f451544-b068-4f6c-ba01-751036a458d2.pdf 2017 Form 10-K] (Annual report)</ref>


[[File:Jared Galleria of Jewelry Tanasbourne - Hillsboro, Oregon.JPG|thumb|A Jared-branded store in [[Hillsboro, Oregon]] in September 2012.]]
[[File:Jared Galleria of Jewelry Tanasbourne - Hillsboro, Oregon.JPG|thumb|A Jared-branded store in [[Hillsboro, Oregon]] in September 2012.]]

Revision as of 23:09, 23 April 2019

Sterling Jewelers, Inc.
Company typeSubsidiary
IndustryRetail
FoundedAugust 14, 1910; 113 years ago (1910-08-14)
FounderHenry Shaw
Headquarters
Akron, Ohio
,
U.S.
Number of locations
c. 1500 stores
ProductsJewelry
Revenue> $6 billion (2015)
Number of employees
18,000
ParentSignet Jewelers
Websitewww.SterlingJewelers.com
Footnotes / references
[1]

Sterling Jewelers, Inc. is an American specialty jewelry company headquartered in Akron, Ohio. The company was founded in 1910 by Henry Shaw (the father of Jerry Shaw, the chairman emeritus of Sterling today), from LeRoy's Jewelers in Lorain, Ohio. Sterling Jewelers is a wholly owned subsidiary of UK-based Signet Jewelers Limited (listed on the New York Stock Exchange under the symbol SIG), having been acquired in 1987.[2]

History

Signet Jewelers, based in the U.K., is a specialty retail jeweler, with stores in the United States, United Kingdom, Canada, Republic of Ireland, and Channel Islands. Approximately 78% of company sales are derived from the 12 different store brands operating in the U.S. They include Belden Jewelers,[3] Ernest Jones,[4] Goodman Jewelers,[3] H.Samuel,[4] J.B. Robinson Jewelers,[3] JamesAllen.com,[4] Jared The Galleria Of Jewelry,[4] Kay Jewelers,[4] Signet Jewelers Limited, Le Roy's Jewelers,[3] Marks & Morgan,[3] Osterman Jewelers,[3] Peoples,[5] Piercing Pagoda,[4] Rogers Jewelers,[3] Shaw's Jewelers,[3] Weisfield Jewelers,[3] and Zales,[4] among others (all of which operate as Sterling divisions).[6][7][8]

A Jared-branded store in Hillsboro, Oregon in September 2012.

According to the company's 2 February 2008 Annual Report & Accounts, Sterling has the number-two position in the U.S. with a 4.2% market share of all jewelry purchases. Sterling has a leading 8.8% market share in the specialty jeweler market share (highest in the sector).

Since 2009, Sterling Jewelers has been a corporate sponsor of St. Jude Children's Research Hospital, making a number of donations to many of the hospital's building, clinical, and research projects. In February 2015, the company's senior vice president of field operations estimated that the company's past commitments to the St. Jude amounted to more than $90 million.[9]

In February 2014, Signet Jewelers Ltd. agreed to buy Zale Corporation, with Zale shareholders receiving US$21 a share in cash in a US$1.4 billion deal. This merger will create a $6.2 billion firm.[10]

In August 2017, it was announced that Signet Jewelers Ltd. agreed to buy R2Net, owner of online jewelry retailer JamesAllen.com, for $328 million.[11]

Sex discrimination and sexual harassment proceedings

Sterling Jewelers is being sued by 69,000 female employees and former employees for sexual harassment and sex discrimination in an ongoing class arbitration proceeding,[1][12] In February 2017, The Washington Post obtained and reported on declarations made by about 250 women and men who worked for the company. The declarations state that men in supervisory roles at Kay Jewelers and Jared the Galleria of Jewelry sexually harassed younger saleswomen by groping, making demeaning comments, and demanding of sexual favors in return for promotion and higher pay. Signet Jewelers's CEO Mark Light and other senior executives were among those accused of demanding sexual favors.[1] The former employees also accuse Sterling of wage violations, contending that women at the company were "systematically paid less than men and passed over for promotions given to less experienced male colleagues."[1] The company denies the allegations.[1]

Separately, the Equal Employment Opportunity Commission brought sex discrimination claims against the company in 2008.[13] In May 2017, the EEOC and Sterling Jewelers settled the case by a consent decree; under the settlement, Sterling Jewelers does not have to pay a monetary sum and does not acknowledge any wrongdoing, but agreed to adopt new anti-discrimination policies and to hire an independent expert to review the company's compensation and promotion policies. The EEOC settlement does not affect the separate class action proceeding.[14][15]

Credit card practices case

On January 16, 2019, Sterling Jewelers paid $11 million under a settlement with the Consumer Financial Protection Bureau. The Bureau's investigations concluded that Sterling violated the Consumer Financial Protection Act of 2010 by signing customers up for store credit without their knowledge or consent and enrolling them in payment-protection insurance.[16] The investigations also found that the company violated the Truth in Lending Act when customers were signed-up for credit-card accounts without receiving an application from them. Sterling's parent company, Signet Jewelers Ltd, refused the allegations but then accepted the settlement.[17]

Store Closing

In April 2019, Kay Jewelers announced the closure of 150 stores.[18]

References

  1. ^ a b c d e Harwell, Drew (February 27, 2017). "Hundreds allege sex harassment, discrimination at Kay and Jared jewelry company". The Washington Post.
  2. ^ "Sterling Jewelers' parent reports record first-quarter results". Crain's Cleveland Business. May 26, 2011. Retrieved June 12, 2011.
  3. ^ a b c d e f g h i "J.B. Robinson Jewelers Locations". Sterling Jewelers. Retrieved 13 February 2019. See the logos at the top of the page.
  4. ^ a b c d e f g "The Sterling Family of Jewelers". Sterling Jewelers. Retrieved 13 February 2019.
  5. ^ "About Signet Jewelers". Signet Jewelers. Retrieved 13 February 2019.
  6. ^ "Regional Brands". Sterling Jewelers. Retrieved 13 February 2019.
  7. ^ "Stores". Signet Jewelers. Retrieved 13 February 2019.
  8. ^ 2017 Form 10-K (Annual report)
  9. ^ St. Jude announces new $50M partnership, Memphis Business Journal (February 19, 2015).
  10. ^ Wahba, Phil (19 February 2014). "Kay Jewelers parent Signet to buy rival Zale for $690 million". Reuters. {{cite news}}: Cite has empty unknown parameter: |1= (help)
  11. ^ Suttell, Scott. "Signet Jewelers buys online retailer for $328 million", Crain's Cleveland Business, 28 August 2017. Retrieved on 28 August 2017.
  12. ^ Wiener-Bronner, Danielle (February 27, 2017). "Company that owns Kay and Jared jewelry chains hit with allegations of rampant discrimination". CNNMoney. The company has been locked in an arbitration battle for nearly a decade with hundreds of former employees who allege that women were accosted, pressured into sex for advancement or protection, and routinely paid less than men.
  13. ^ "Second Circuit Decision Resuscitates EEOC's Gender Discrimination Suit Against Sterling Jewelers". National Law Review. Proskauer Rose LLP. September 11, 2015. {{cite journal}}: Cite uses deprecated parameter |authors= (help)
  14. ^ Rachel Abrams, "Sterling Jewelers Settles Charges of Bias Against Female Workers", The New York Times (May 5, 2017).
  15. ^ Daniel Wiessner, "Sterling Jewelers settles U.S. agency's sex bias claims", Reuters (May 5, 2017).
  16. ^ "Consumer Financial Protection Bureau Settles Claims with Sterling Jewelers, Inc". Consumer Financial Protection Bureau. Retrieved 2019-01-18.
  17. ^ "Ohio-based Sterling Jewelers to pay $11M settlement over credit practices". WCMH. Associated Press. 2019-01-17. Retrieved 2019-01-18.
  18. ^ "Owner of Kay Jewelers, Zales and Jared to close 150 more stores". www.cbsnews.com. Retrieved 2019-04-05.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Sterling_Jewelers&oldid=893844515"