Kay Jeweleries’ online marketplace for jewelry and accessories is sold out in one year.
The company said Monday it’s closed its doors amid “challenges in the marketplace” and it will continue to focus on its online business, which was one of the fastest-growing segments of its business.
Keller Jewelers, one of Kay’s biggest rivals, closed its online store in May.
Kay has struggled to compete with online giants like Amazon.com and eBay.
In September, Kay announced that it would shut down its online shop in May because it couldn’t keep up with the pace of growth.
“While the business has experienced a significant growth in recent years, we are now transitioning to an entirely new strategy that will better position us for growth in the future,” Kay said in a statement.
As the online business grows, so does the business in its retail store, which accounts for the majority of the company’s revenue.
The company has about 3,000 stores and has $3.7 billion in annual revenue, according to its most recent annual report.
While Kay is focused on its retail business, the company has also been building out its online presence.
Last year, Kay said it had 3,500 customers who have signed up for its online portal.
On Monday, Kay told Recode that it plans to launch a third-party app that allows customers to make purchases online.
This is the second year in a row that Kay has shut down the company and said it will shut down some of its online stores as well.
It said it has had “some challenging moments” and is looking at ways to mitigate the risks of going out of business.