Analysts see a different future—and likely a new owner—on the horizon for Zale Corp., an 84-year-old fixture in the U.S. jewelry industry that has struggled to reinvent itself in recent years. Jeff Taraschi, president of Interactive Group Ltd., and industry analyst Ken Gassman both say a merger or acquisition with a non-U.S. company appears to be the most likely lifeboat for struggling Zale Corp., whose sales took another battering over the holidays.

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