Zale Corp's (ZLC.N) talks to sell its mall-based Piercing Pagoda chain to private-equity firm Apollo Management, has hit a roadblock, the New York Post said, citing sources. The Dallas-based jeweler has been in discussions to sell the chain of nearly 700 trinket kiosks to New York buyout firm Apollo for between $100-$150 million, the Post said. Zale and Apollo have had on-again, off-again talks about a Piercing Pagoda deal for more than a year, and sources noted it is still possible a sale could happen later in 2011, the paper said. A call from Reuters to Zale was not immediately returned. (Reporting by Fareha Khan; Editing by Jon Loades-Carter)
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