Sterling Jewelers, Inc. is an American specialty

jewelry Jewellery ( UK) or jewelry ( U.S.) consists of decorative items worn for personal adornment, such as brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery may be attached to the body or the clothes. From a w ...

company headquartered in

Akron Akron () is the fifth-largest city in the U.S. state of Ohio and is the county seat of Summit County. It is located on the western edge of the Glaciated Allegheny Plateau, about south of downtown Cleveland. As of the 2020 Census, the city ...

Ohio Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The sta ...

. The company was founded in 1910 by Henry Shaw (the father of Jerry Shaw, the chairman emeritus of Sterling today), from LeRoy's Jewelers in Lorain, Ohio. Sterling Jewelers is a wholly owned subsidiary of UK-based Signet Jewelers Limited (listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

under the symbol SIG), having been acquired in 1987.

History

Signet Jewelers, based in the U.K., is a specialty retail jeweler, with stores in the United States, United Kingdom, Canada, Republic of Ireland, Puerto Rico, and Channel Islands. Approximately 78% of company sales are derived from the 12 different store brands operating in the U.S. They include Belden Jewelers, See the logos at the top of the page. Ernest Jones, Goodman Jewelers, H.Samuel, JB Robinson Jewelers, JamesAllen.com, Jared, Kay Jewelers, Le Roy's Jewelers, Marks & Morgan Jewelers, Osterman Jewelers, Peoples, Piercing Pagoda, Rogers Jewelers, Shaw's Jewelers, Weisfield Jewelers, Zales, and Mappins.2017 Form 10-K
(Annual report) Jared Galleria of Jewelry Tanasbourne - Hillsboro, Oregon

Jared Galleria of Jewelry Tanasbourne - Hillsboro, Oregon

According to the company's February 2, 2008, Annual Report & Accounts, Sterling has the number-two position in the U.S. with a 4.2% market share of all jewelry purchases. Sterling has a leading 8.8% market share in the specialty jeweler market share (highest in the sector). Since 2009, Sterling Jewelers has been a corporate sponsor of St. Jude Children's Research Hospital, making a number of donations to many of the hospital's building, clinical, and research projects. In February 2015, the company's senior vice president of field operations estimated that the company's past commitments to the St. Jude amounted to more than $90 million. In February 2014, Signet Jewelers Ltd. agreed to buy

Zale Corporation The Zale Corporation is an American jewelry retailer, incorporated in Delaware in 1993. The principal executive offices are located in Coppell, Texas. History The company began in 1924 in Wichita Falls, Texas, when the two Russian-Jewish imm ...

, with Zale shareholders receiving US$21 per share in cash in a US$1.4 billion deal. This merger created a $6.2 billion firm. In August 2017, it was announced that Signet Jewelers Ltd. agreed to buy R2Net, owner of online jewelry retailer JamesAllen.com, for $328 million.

Sex discrimination and sexual harassment proceedings

Sterling Jewelers is being sued by 69,000 female employees and former employees for sexual harassment and

sex discrimination Sexism is prejudice or discrimination based on one's sex or gender. Sexism can affect anyone, but it primarily affects women and girls.There is a clear and broad consensus among academic scholars in multiple fields that sexism refers primari ...

in an ongoing

class Class or The Class may refer to: Common uses not otherwise categorized * Class (biology), a taxonomic rank * Class (knowledge representation), a collection of individuals or objects * Class (philosophy), an analytical concept used differentl ...

arbitration proceeding, In February 2017, ''

The Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large nati ...

'' obtained and reported on declarations made by about 250 women and men who worked for the company. The declarations state that men in supervisory roles at Kay Jewelers and Jared the Galleria of Jewelry sexually harassed younger saleswomen by

groping In a sexual context, groping is the act of intentionally touching another person in a sexual manner without their consent. The term generally has a negative connotation in many societies, and the activity may be considered sexual assault or o ...

, making demeaning comments, and demanding of

sexual favors Human sexual activity, human sexual practice or human sexual behaviour is the manner in which humans experience and express their sexuality. People engage in a variety of sexual acts, ranging from activities done alone (e.g., masturbation) t ...

in return for promotions and higher pay. Signet Jewelers's CEO Mark Light and other senior executives were among those accused of demanding sexual favors. The former employees also accuse Sterling of wage violations, contending that women at the company were "systematically paid less than men and passed over for promotions given to less experienced male colleagues." The company denies the allegations. Separately, the

Equal Employment Opportunity Commission The U.S. Equal Employment Opportunity Commission (EEOC) is a federal agency that was established via the Civil Rights Act of 1964 to administer and enforce civil rights laws against workplace discrimination. The EEOC investigates discrimination ...

brought sex discrimination claims against the company in 2008. In May 2017, the EEOC and Sterling Jewelers settled the case by a consent decree; under the settlement, Sterling Jewelers does not have to pay a monetary sum and does not acknowledge any wrongdoing, but agreed to adopt new anti-discrimination policies and to hire an independent expert to review the company's compensation and promotion policies. The EEOC settlement does not affect the separate class action proceeding.

Credit card practices case

On January 16, 2019, Sterling Jewelers paid $11 million under a settlement with the

Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mo ...

. The Bureau's investigations concluded that Sterling violated the Consumer Financial Protection Act of 2010 by signing customers up for store credit without their knowledge or consent and enrolling them in payment-protection insurance. The investigations also found that the company violated the

Truth in Lending Act The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing ...

when customers were signed-up for credit-card accounts without receiving an application from them. Sterling's parent company, Signet Jewelers Ltd, refused the allegations but then accepted the settlement.

Store closings

In April 2019, Sterling Jewelers announced the closure of 150 stores, mostly in mall locations that see poor foot traffic.

References

External links

* {{Official website, http://www.sterlingjewelers.com/ Jewelry retailers of the United States American companies established in 1910 Retail companies established in 1910 Companies based in Akron, Ohio 1910 establishments in Ohio