Sterling Jewelers
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| Subsidiary | |
| Industry | Retail |
| Founded | 1910 |
| Founder | Henry Shaw |
| Headquarters | Akron, Ohio, U.S. |
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Number of locations
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~ 1500 stores |
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Key people
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Mark Light (President and CEO) |
| Products | Jewelry |
| Revenue | > $6 billion (2015) |
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Number of employees
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18,000 |
| Parent | Signet Jewelers |
| Website | www |
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Footnotes / references |
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Sterling Jewelers, Inc. is an American specialty jewelry company headquartered in Akron, Ohio. 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 under the symbol SIG), having been acquired in 1987.
Signet Jewelers, based in the U.K., is a specialty retail jeweler, with stores in the United States, United Kingdom, Canada, Republic of Ireland, and Channel Islands. Approximately 78% of company sales are derived from the 12 different store brands operating in the U.S. They include Kay Jewelers, Jared-The Galleria of Jewelry, J.B. Robinson, Marks & Morgan, and Belden Jewelers, among others (all of which operate as Sterling divisions).
According to the company's 2 February 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, with Zale shareholders receiving USD$21 a share in cash in a USD$1.4 billion deal. This merger will create a $6.2 billion firm.
Sterling Jewelers is being sued by 69,000 female employees and former employees for sexual harassment and sex discrimination in an ongoing class arbitration proceeding, which began in 2008. 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.
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Wikipedia