Bloomberg Reports that Zale Corp.(nyse: zlc) is Restructuring

Dec. 24, Bloomberg reports that Zale Corp. (NYSE: ZLC) the Texas-based jewelry chain that posted seven straight quarters of losses, is working with Rothchild to evaluate restructuring.

Dec. 24, Bloomberg reports that Zale Corp. (NYSE: ZLC) the Texas-based jewelry chain that posted seven straight quarters of losses, is working with Rothchild to evaluate restructuring.

Zale, (NYSE: ZLC) based in Irving, Texas, closed more than 200 locations in the 2009 fiscal year through July. Zale operates more than 1,900 stores in North America, including Gordon’s Jewelers, Piercing Pagoda and Zales Jewelers.

Rothchild was named to help the unprofitable retailer weigh its choices in 2010. Both Zale and Rothchild declined to comment on the matter, because the information isn’t public.

Jewelry sales have declined this year and several chains have gone bankrupt, including Finlay Enterprises Inc., and Fortunoff Holdings LLC. Zale (ZLC) lost $189.5 million last year. Zales delayed releasing fourth- quarter earnings twice, and last month reported a loss of $57.6 million for the its 1st quarter ending, Oct. 31.

As reported here, Zale has restated earnings, and is now the subject of shareholder law suits.