Blue Nile to Lay Off 119 Workers
March 28, 23
(IDEX Online) - Blue Nile, the online jeweler acquired by Signet for $360m last August, is laying off 119 workers.
Signet said it was consolidating operations to New York City and closing the Blue Nile fulfillment center in Seattle.
"As part of the integration of Blue Nile, we will be reducing duplicative fulfillment center services to centralize these services within our existing New York City fulfillment center over the coming months," Signet said in a statement.
"This change unfortunately impacts the roles of some of our Blue Nile team members."
Some workers have been offered relocation packages to move to NYC.
Blue Nile, established in Seattle in 1999, and went public in 2004. It was bought privately by Bain Capital Private Equity and Bow Street LLC for $500m in 2016.
Signet said at the time of the acquisition that it would "accelerate efforts to expand its bridal offerings and grow its Accessible Luxury portfolio."