The parent company of Sterling Jewelers, which owns Jared the Galleria of Jewelry and Kay Jewelers, halted trading in its stock Tuesday after shares plunged to a four-year low.
The Washington Post reported on Monday evening that about 250 former employees allege in sworn statements that the company’s chief executive and other leaders fostered a culture of rampant sexual harassment and discrimination.
The statements are part of a private class-action arbitration case that now involves 69,000 current and former employees.
Female workers at the American retailing giant, known for advertising slogans such as “Every kiss begins with Kay,” were routinely groped, demeaned and urged to sexually cater to their bosses to stay employed, according to the sworn statements. Sterling is itself owned by Signet Jewelers, which disputes the allegations.
On Tuesday, Signet’s stock fell more than 8 percent Tuesday to about $66.85 a share, right before trading was halted. The company said an announcement was pending.
Signet told The Post that none of the former employees have brought legal claims forward of sexual harassment or impropriety. The arbitration case solely focuses on whether those women have suffered discrimination in pay and promotions.
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