Zale Corporation history

The success of this credit policy led to the company expanding to a total of 12 stores in Oklahoma and Texas by 1941.

In 1942, Zale opened a buying office in New York, which allowed the company to purchase diamonds and watches in quantity at wholesale prices.

By 1944, Zale's revenues had doubled, to over $5 million.

As the company grew, to 19 stores in 1946, Zale set up a central design, display, and printing operation in Dallas to service its growing chain.

1957 Zales Jewelers broadens its reach, opening the first store in a shopping center ─ a major shift from operating only in downtown locations.

That offering, of 125,000 shares, raised $1.5 million, which, according to Fortune magazine, "appear[ed] to have been the only new money put into the company since it was started." Listed on the American Stock Exchange in 1958, the company operated 102 stores, primarily under the Zale trade name.

1962: Bailey Banks & Biddle is acquired.

Its 403 stores produced $81 million in 1963, with a net income of nearly $5 million.

By 1965, Zale found itself with a surplus of cash.

By 1974, in addition to 956 retail jewelry stores, Zale had grown to include 351 shoe stores, 83 drug stores, 146 clothing stores, 25 sporting goods stores, 13 home furnishings stores, and 13 tobacco/newsstand concessions.

In the space of a few weeks at the end of 1980, Zale sold off the Skillern chain to Revco, Inc. for $60 million; its 37-store sporting goods chain went to Oshman Sporting Goods, Inc. for $14 million; and its Butler Shoe division, with 385 stores, went to Sears for $100 million.

Zale saw revenues fall to $939 million in 1982.

In 1986, the company posted a net loss of over $60 million, including a restructuring charge of about $80 million as it disposed of its European retail operations, and the last of its non-jewelry divisions, and a $50 million writedown of old inventory.

By 1988, Gerstein had constructed lending arrangements that allowed him to tender an offer of $50 per share of Zale stock--nearly double its trading price.

In 1990, Zale posted a $64 million loss.

1993: Zale emerges from bankruptcy independent, with debt under control and 700 fewer stores.

Revenues that year hit $1.43 billion, a 43 percent increase over the $920 million figure of 1994.

During 1995, for example, the company opened 35 units, closed 85, and remodeled 150.

The company had entered the direct selling business in 1996 when it produced its first sales catalog, then followed up with the launch of zale.com (later relaunched as zales.com) as its Internet shopping site.

1997 Annual sales top $1.3 billion, showing profit in all four quarters for the first time since the reorganization.

By 1998 Zale appeared to be fully recovered from its fall into bankruptcy.

In September 1999 Beryl B. Raff was promoted to president and CEO of Zale, with DiNicola remaining chairman.

In September 2000 Zale acquired Piercing Pagoda, Inc. for about $260 million.

Raff resigned in February 2001, and DiNicola, who had remained on the board of directors, became chairman and CEO once again.

2007 Zale expands its e-Commerce business with the launch of gordonsjewelers.com.

2008 The JCK-Harrison Group Consumer Jewelry Study ranks Zales "1 in unaided brand awareness.

2009 Zale Corporation marks the 85th anniversary of the opening of the first Zales Jewelers store.

2010 Zale continues to expand its e-Commerce business with two significant launches: pagoda.com, providing an online presence for Piercing Pagoda, and peoplesjewellers.com, bringing multi-channel shopping to consumers across Canada.

2012 Zales partners with acclaimed designer Vera Wang, creating the Vera Wang Love Collection of diamond bridal jewelry.

2013 Zale Corporation returned to profitability.

In February 2014, Signet Jewelers Ltd. purchased Zale Corporation for a total of $1.46 billion.