Zale Corp. Looking To Sell 12 Store Leases (ZLC)
Zale Corp. (NYSE: ZLC) is looking for new ways to shore up its finances. The jeweler is now planning to sell the leases on 12 of its NYC jewelry stores. A few of these jewelry stores are located in hotspots such as Manhattan’s Fifth Avenue and Herald Square, while others are in Queens, Brooklyn and the Bronx. The company has declined to comment on the issue.
Zales (ZLC) is currently working with New York-based real estate advisory firm RCS Advisors. The Jeweler hired RCS in 2009 to assist it in the restructuring of its lease portfolio. The real estate advisory firm is also helping the jeweler in reducing its lease costs.
Zales’ interim CEO Theo Killion had earlier stated that he does not foresee a “significant” number of store closings in 2010.
