Signet Jewelers Limited filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities
$SIG
Consumer Specialties
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2025
(Exact name of registrant as specified in its charter)
Commission File Number: 1-32349
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(441 ) 296 5872
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Item 2.05 Costs Associated with Exit or Disposal Activities
On May 12, 2025, Signet Jewelers Limited (the "Company") notified employees impacted by the reorganization, which aligns the operating model with the Company's previously announced Grow Brand Love corporate strategy. As part of this strategy, the Company has reorganized its brand structure and certain functional areas primarily within its North America reportable segment, and the Company is optimizing its store fleet by exiting underperforming stores and repositioning stores from declining venues (collectively, the "Plan"). As a result of the Plan, the Company expects to incur restructuring and related costs, primarily comprised of severance and other employee-related costs, contract termination costs, and store closure costs, including asset disposals and asset impairment charges.
At the time the Plan was announced on March 19, 2025, the costs expected to be incurred under the Plan were still being evaluated. Currently, the Company estimates that approximately $30 million to $45 million of costs will be incurred, including $10 million to $15 million of estimated non-cash charges, primarily for asset disposals and impairment charges. The Company continues to expect to exclude substantially all of these costs from adjusted operating income. The Company may also incur other cash or non-cash charges not currently contemplated due to further actions that may occur as a result of, or in association with, the Plan. The Company expects the Plan will be substantially completed by the end of Fiscal 2026, except the store fleet optimization which is expected to be executed over the next two to three years.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SIGNET JEWELERS LIMITED | ||||||||||||||||||||
Date: | May 16, 2025 | By: | /s/ Joan M. Hilson | |||||||||||||||||
| Name: | Joan M. Hilson | |||||||||||||||||||
| Title: | Chief Operating and Financial Officer | |||||||||||||||||||