If the board made the right moves, could be worth a lot more. They need to divest the non-core assets (Canada, Pagoda) and deploy more capital and marketing spend on the US fine jewelry segment. As SIG demonstrated today, the end market is healthy (perhaps one of the healthiest in all of retail), but investors want to see some store growth to supplement comps.
At least on a relative basis, ZLC's is very cheap relative to SIG and that provides some valuation support. I hope the Board wakes up at some point and realizes what needs to be done.