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February 9, 2010 8:17 EST Related Symbols: ZLC
DALLAS (AP) – Zale Corp. on Tuesday said it has hired Peter Solomon Co. as an advisor to help the struggling jewelery chain.
Zale, like many retailers, has seen its sales sag during the recession as consumers cut back on discretionary spending. The company has closed hundreds of stores in the past two years and its CEO left in January.
Zale said Solomon would help the company in "identifying and analyzing alternatives to maximize its financial flexibility."
Shares of Zale fell 8 cents, nearly 4 percent, to close at $1.96.
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