Sterling Jewelers Inc. on Wednesday announced that it has cut 114 positions at its Akron, Ohio, headquarters due to “the unprecedented trading conditions in the retail marketplace.”

“This was a difficult business decision but one we believe we needed to make,” said Mark Light, Sterling president and chief executive officer. “Despite our collective and significant efforts, the global recession and deteriorating U.S. economy continue to impact our industry and our company’s overall financial performance.”

Sterling is providing affected employees a comprehensive transition package.

“We value and respect all the men and women who have helped make Sterling the industry’s leader and are supporting those affected during their transition,” Light said.

Sterling Jewelers Inc. operates more than 1,400 stores in all 50 states trading as “Kay Jewelers,” “Jared the Galleria of Jewelry,” and a variety of regional names, employing more than 20,000 persons. Kay Jewelers is the number-one specialty jewelry brand in the U.S. Sterling is a subsidiary of the Bermuda-based Signet Jewelers Ltd., the largest specialty jewelry retailer in the world.

Caption: Sterling Jewelers’s Akron, Ohio, headquarters

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