Signet Jewelers Ltd. is planning to revamp its business following a disappointing fourth-quarter and fiscal year.  Signet announced plans to close, renovate, and relocate stores and reduce it senior leadership by 30 percent after reporting a 7 percent drop in annual sales. The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

The jewelry giant’s plans include a new turnaround plan that encompasses leadership changes, store closures and renovations, and a focus on brand loyalty.It will focus on creating a clear distinction between brands to attract new and loyal customers that see themselves reflected in the DNA of each brand.

Its three largest brands, Kay, Zales, and Jared, have high consumer awareness, but growth has been “elusive” so the company will work on building brand loyalty.The company plans to add more design-focused jewelry into its assortment to promote gifting and self-purchasing while also expanding its position in the bridal market, which has been struggling in the wake of the COVID-19 pandemic.

The strategy will require a reorganization, including reducing the ranks of its senior leadership by 30 percent.The company also said that it will be evaluating 150 underperforming stores, primarily in malls, over the next two years and decide whether they should be closed or improved.There are also plans to renovate 200 locations and possibly relocate another 200.

For the quarter ended Feb. 1, Signet’s overall sales totaled $2.35 billion, down 6 percent year-over-year and below its expectations.same-store sales slipped 1 percent.For the full year, sales totaled $6.7 billion, down 7 percent year-over-year and also falling short of expectations.Same-store sales fell 3 percent