Zale Tumbles After Top Execs Resign

(Zale stock price updated.)

NEW YORK (TheStreet) -- Zale(ZLC) stock is tumbling, after the company's CEO and top executives were forced to resign Wednesday night.

Zale Chief Executive Neal Goldberg, Chief Stores Officer William Acevedo and Chief Merchandising officer Mark Kwan all resigned from the jeweler.

Zale President Theo Killiom will also serve as interim CEO, while Gil Hollander, executive vice president and chief sourcing and supply chain officer, will also assume the role of chief merchandising officer.

"Our board is determined to do all in its power to put in place effective leadership to help return the company to profitability," board members said in a statement. "At the same time, these management changes will help facilitate renewed focus on Zale's core diamond business."

Zale has been struggling amid the recession. Comparable sales in the all-important November and December period plunged 12%, while total sales sank 15% to $494 million. Weak sales prompted Zale to cancel orders in November.

Still, other jewelers, like Tiffany(TIF) and Signet Jewelers (SIG), actually saw a boost in holiday sales.