Luxury jeweler Tiffany & Co. said it plans to close its unprofitable Iridesse pearl jewelry chain, partly because of a tough economy that has hindered demand for jewelry.
Tiffany spokesman Mark Aaron said Iridesse hasn't been profitable since it opened in 2004. Iridesse also generated "very modest" sales at less than 1 percent of Tiffany's yearly total revenue, Aaron said.
"It had been posting an operating loss since it opened," Aaron said. "It might have been viable if there was a better retail environment, but the economy was the last straw." Aaron said Iridesse stores will start closing once Tiffany is able to reach agreements with its landlords and sell off inventory.
There are 16 Iridesse locations nationwide, Aaron said, and are located mostly on the East and West coasts. So for Tiffany Fans, if they want to buy Tiffany necklaces and other Tiffany jewelry, online shopping may be their best choice.
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Paloma's Zellige pendant
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Circle Link drop earrings
