Zale Corporation
From Wikipedia, the free encyclopedia
| Zale Corporation | |
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| Type | Public (NYSE: ZLC) |
|---|---|
| Founded | 1924 (Wichita Falls, Texas) |
| Headquarters | Irving, Texas |
| Key people | Betsy Burton, President & CEO George Mihalko, CFO |
| Industry | Retailing |
| Revenue |  $2.4 billion USD (2006) |
| Operating income |  $90.7 million USD (2006) |
| Net income | $54.5 million USD (2006) |
| Employees | 16,300 |
| Slogan | Zales: The Diamond Store |
| Website | www.zalecorp.com |
Zale Corporation (NYSE: ZLC) is the largest specialty retailer of fine jewelry in North America, operating over 2,300 retail locations (which includes both kiosks and stores) throughout the United States, Canada, and Puerto Rico.[1] Zale Corporation is comprised of several different business units: Zales Jewelers, Zales Outlet, Gordon's Jewelers, Bailey Banks & Biddle, Peoples Jewellers (in Canada), Mappins Jewellers (in Canada), Piercing Pagoda (a kiosk chain, focusing on gold chains, charms, and bracelets), and Internet-based enterprises, Zales.com and Baileybanksandbiddle.com.
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[edit] History
The company began in 1924 in Wichita Falls, Texas, when Morris (M.B.) Zale, William Zale, and Ben Lipshy opened the first Zales Jewelers store.[2] At the time, credit plans were not common, so their concept of offering one was fairly revolutionary, marketed under the slogan, "a penny down and a dollar a week." By the beginning of World War II, the company had expanded to a dozen stores throughout Texas and Oklahoma.
During the lean war years, Zales maintained its prices and looked for expansion opportunities. In 1944, Corrigan's of Houston was acquired, a finer jewelry purchase that eventually launched the Bailey Banks & Biddle brand.
The year 1957 was marked both by Zales' first entry into a shopping center (rather than stand-alone downtown locations), and the company's listing on the American Stock Exchange.
In 1984, the company was bought out by a Canadian and Austrian consortium, and in 1989, the entity bought Gordon's Jewelers.
[edit] Legal Actions
In August 2006, a legal class action complaint was brought against Zale Corporation, on behalf of common stock purchasers between early 2005 and May 2006. The complaint charges Zale and certain of its officers and directors with violations of the Securities Exchange Act of 1934, specifically for omitting or misrepresenting material adverse facts about the company's financial prospects. [3]
[edit] Notes
- ^ Zale Corporation (2005). Zale Corporation: Our History. corporate homepage. Retrieved on 2006-09-17.
- ^ Zale Corporation (2005). Zale Corporation: Our History. corporate homepage. Retrieved on 2006-09-17.
- ^ Steven J. Toll (August 23, 2006). Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Class Action Lawsuit Against Zale Corporation. Business Wire. Retrieved on 2006-09-17.
