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Report No. : |
329324 |
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Report Date : |
29.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ZALE CORP. |
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Registered Office : |
901 W. Walnut Hill Lane, Irving, Tx 75038 |
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Country : |
United States |
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Date of Incorporation : |
1924 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject operates as a specialty retailer of fine jewelry |
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No. of Employees : |
11,900 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Exist |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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USA |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
USA ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $54,800. In 2014, however, US GDP ran second to China’s, when compared on a Purchasing Power Parity basis; the US lost the top spot, where it had stood for more than a century. In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology has been a driving factor in the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers, has put additional downward pressure on wages and upward pressure on the returns to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression.
To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed ended the purchases during the summer of 2014. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
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Source
: CIA |
Company name: ZALE
CORP.
Address: 901 W.
Walnut Hill Lane, Irving, TX 75038 - USA
Telephone: +1
972-580-4000
Fax: +1 972-580-5547
Website: www.zalecorp.com
Corporate ID#: 2261333
State: Delaware
Judicial form: Private Company
Date incorporated: 04-26-1991
Date founded: 1924
Stock: 43,352,724
shares issued and outstanding (as of 05-27-2014)
Value: USD
0.01= par value
Name of manager: Theophlius
KILLION
Business:
Zale Corporation, together with its subsidiaries, operates as a
specialty retailer of fine jewelry in North America.
The company operates through three segments: Fine Jewelry, Kiosk
Jewelry, and All Other.
The Fine Jewelry segment operates 614 stores and 127 Zales Outlet stores
that offer bridal designs, branded watches, gemstones, gold merchandise,
diamond fashion, and solitaire products under the Zales Jewelers brand; and 146
stores in 9 provinces providing gold jewelry, gemstone jewelry, and watches
under the Peoples Jewellers brand.
It also operates 122 stores in 24 states and Puerto Rico that offer
bridal designs, branded watches, gemstones, gold merchandise, and diamond
fashion and solitaire products under the Gordon's Jewelers brand; and 55 stores
in 6 provinces providing bridal assortment and branded jewelry under the
Mappins Jewellers brand, as well as operates e-commerce sites, including
zales.com, zalesoutlet.com, peoplesjewellers.com, pagoda.com, and
gordonsjewelers.com. This segment also provides repair services to customers.
The Kiosk Jewelry segment offers bracelets, earrings, charms, rings,
non-precious metal products, and gold chains, as well as silver and diamond
jewelry under the Piercing Pagoda and Plumb Gold brands through 630 mall-based
kiosks. This segment also provides ear-piercing services.
The All Other segment offers insurance and reinsurance services for a
range of insurance coverage, such as merchandise replacement coverage, group
life insurance coverage, and credit insurance coverage.
The company was founded in 1924 and is based in Irving, Texas.
As of May 29, 2014, Zale Corporation operates as a subsidiary of Signet
Jewelers Limited.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
EIN: 75-0675400
Staff: 11,900
Operations & branches:
At the headquarters, we
find the corporate headquarters.
The group maintains several
stores in the U.S.
Shareholders:
The Company was listed with
the NYSE under symbol ZLC, and delisted on
June 9, 2014, when acquired
by/
Signet Jewelers Limited.
Clarendon House
2 Church Street
Hamilton HM11 - Bermuda
Management:
Theophlius KILLION is the President, Director and CEO.
He served as an Executive Vice President of Human Resources, Legal and
Corporate Strategy for Zale Corporation from January 2008 to August 2008.
He worked at executive recruiting firm Berglass+Associates, focused on
companies in the retail, consumer goods and fashion industries.
He served as an Executive Vice President of Human Resources Division of
Tommy Hilfiger B.V. since January 2005 and for its subsidiary, Tommy Hilfiger
U.S.A., Inc. since March 2004. His responsibilities entailed worldwide HR
strategies and initiatives that included recruitment and retention, training
and development, compensation and benefits and performance management.
Mr. Killion served as the Vice President of Human Resources of The
Limited Brands from January 1996 to March 2004 and also served as its Corporate
Vice President of HR for Merchandising and Design. He served senior human
resource roles at Macy's East and The Home Shopping Network. He has 30 years of
Leadership experience. He has been a Director of Express Inc. since April 2012.
He has been a Director at Zale Corporation since September 23, 2010.
He received a 2013 Better Chance DreamBuilder Award.
He matriculated at The Hill School, Pennsylvania.
He graduated cum laude from Tufts University with a bachelor’s degree in
history and English and master’s degree in education from Tufts University in
1975.
Thomas A. HAUBENSTRICKER has been the Chief Financial Officer and a
Senior Vice President of Zale Corporation since October 17, 2011.
He served as Vice President, Finance and Administration of HP Enterprise
Services, LLC since January 2003. Mr. Haubenstricker served as Chief Financial
Officer for EMEA and Vice President of EMEA Operations at HP Enterprise
Services, LLC since November 2006. Mr. Haubenstricker served as Interim
Co-Chief Financial Officer of HP Enterprise Services, LLC, from March 15, 2006
to August 22, 2006. He served as Managing Director of Turnberry Advisors since
January 2010. He served as Vice President of Strategic Planning and Business
Development, Managing Director of Financial Planning and Reporting and Director
of Financial Analysis and Reporting of Electronic Data Systems Corp. Mr.
Haubenstricker has responsibility for Corporate Financial Planning and Analysis
and Corporate Business Development. He has played an integral role in EDS'
business planning and has led all recent activities in the area of acquisitions
and divestitures. He joined EDS' finance organization in 1985 and has held
various financial accounting, planning and reporting positions in the United
States and EMEA (EDS' Europe, Middle East and Africa region).
He served as Co-Chief Financial Officer, Vice President and Chief
Financial
Officer, EMEA Region and Vice President of Finance for the combined
Hewlett-Packard and EDS Business Services Group. During his career, he has led
business performance improvement programs focused on revenue growth, margin
expansion and free cash flow generation. He has been a Director of MphasiS
Corp., since June 2006.
He served as Director of Mphasis Limited from June 27, 2006 to March 28,
2007. Mr. Haubenstricker holds BBA in Accounting from Central Michigan
University and is a Certified Management Accountant.
Subsidiaries And
partnership:
ZALE DELAWARE INC.
Incorporated in Delaware on 02-14-1986
ID# 2083487
(US operations)
ZALES INTERNATIONAL INC
Incorporated in Delaware on 05-07-1999
ID# 3027356
(Canada operations)
On attachment:
- 10K 2012/2013 (year ending October 2013)
Banks: Citibank
Bank of America
…
Legal filings
& complaints:
As of today date, there are several legal filing pending with various
Courts.
Secured debts summary (UCC):
Several in various States.