Jewelry Giant Buying Kay Chain: The huge...
From Times Staff and Wire Reports
Jewelry Giant Buying Kay Chain: The huge British jewelry retailer Ratners Group PLC announced an agreement to acquire Kay Jewelers Inc., a U.S. chain that has suffered debt problems. The purchase of Alexandria, Va.-based Kay’s will make London-based Ratners the second-largest jeweler in the United States. The buyout involves a stock swap that values Kay’s common at $17 a share. “This acquisition will increase our U.S. store base from 473 to 967, an important step in achieving our objective of a 1,500-store network in the United States,” said Chairman Gerald Ratner.
