Jewelry retailer Zale Corporation announced that the Securities and Exchange Commission has initiated a non-public investigation relating to various accounting and other matters related to the company, including accounting for extended service agreements, leases, and accrued payroll.
Subpoenas issued in connection with the investigation request materials relating to these accounting matters as well as to executive compensation and severance, earnings guidance, stock trading, and the timing of certain vendor payments.
The company believes that its accounting complied with generally accepted accounting principles and is reviewing the matter. It will cooperate fully with the SEC's investigation.
Zale Corporation is North America's largest specialty retailer of fine jewelry operating approx. 2,345 retail locations throughout the US, Canada and Puerto Rico, as well as online.
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