Signet Jewelers – SIG – To acquire Ultra Stores
Signet Jewelers Ltd. (NYSE : SIG), the largest specialty retail jeweler in the US and UK, announced that it has signed a definitive agreement to acquire Ultra Stores, Inc. from Crystal Financial LLC. and its other stockholders for approximately $57 million in cash. Signet will not assume any debt in connection with the acquisition. Founded in 1991, Ultra Stores is a leading jewelry retailer operating primarily in outlet centers, as well as licensed jewelry departments.
“The addition of Ultra will immediately result in our having a significant share of the outlet channel for jewelry,” said Michael W. Barnes, Chief Executive Officer of Signet Jewelers. “We had identified this rapidly growing channel as an opportunity to profitably increase our sales, enabling us to leverage our competitive strengths and add Ultra’s expertise to our team. We believe that the resulting synergies will create a terrific win for our customers and investors.”
Ultra Stores’ President & Chief Executive Officer Daniel Marks added, “We look forward to joining Signet and combining our expertise in the jewelry outlet channel with the market leader in the specialty retail jewelry segment.”
About Signet Jewelers – SIG
Signet Jewelers (SIG) is the largest specialty retail jeweler in the US and UK. SIG’s US division operates over 1,300 stores in all 50 states primarily under the name brands of Kay Jewelers and Jared The Galleria of Jewelry. Signet’s UK division operates approximately 500 stores primarily under the name brands of H. Samuel and Ernest Jones. Signet Jewelers Limited (Signet) is a specialty retail jeweler by sales in the United States and United Kingdom, and also has stores in the Republic of Ireland and Channel Islands.
SIG is engaged in the retailing of jewelry, watches and associated services. The business is managed as two geographical operating divisions: the US division and the UK division. Signet’s US division operated 1,318 stores in all 50 states at January 28, 2012. As of January 28, 2012, 215 regional brand stores operated in 33 states Its stores trade nationally in malls and off-mall locations as Kay Jewelers (Kay), and regionally under a number of mall-based brands. Destination superstores trade nationwide as Jared The Galleria Of Jewelry (Jared). The UK division operated 535 stores at January 28, 2012, including 14 stores in the Republic of Ireland and three in the Channel Islands.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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