Zale’s Pagoda Sale Off



Zale Corp. finally ended months of speculation Feb. 23 by announcing it is not likely to sell Piercing Pagoda.Sources say Apollo Management—which bid for the entire Zale Corp. in 2009—was interested in merging the Pagoda chain with its costume-jewelry franchise, Claire’s. Zale’s decision could be a reflection of better-than-expected 2010 holiday sales, which rose by 8.5 percent. Overall, comparable store sales for the second quarter ended Jan. 30 rose by 7.9 percent. Revenue grew nearly 7.6 percent, to $626.4 million. More developments: Two key figures from Golden Gate Capital, which l
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