Zale Closes 118 Stores

Zale said it closed 118 underperforming retail locations during its fourth quarter, which makes 191 stores closed during calendar year 2009.

Zale also announced it will record charges and reserves totaling approximately $23 million to cover its lease obligations for the Bailey Banks & Biddle chain. Zale agreed to guarantee the Bailey leases when it sold the company to Finlay in 2007.