EXHIBIT 99

                          CONTACT:     Investor:
                                       Cynthia T. Gordon
                                       Senior Director, Investor Relations
                                       (972) 580-5047

                                       Media:
                                       Mary Forte'
                                       Executive Vice President and
                                       Chief Administrative Officer
                                       (972) 580-4810



                   ZALE CORPORATION ANNOUNCES COMPLETION OF
                     A FIVE-YEAR UNSECURED CREDIT FACILITY

          DALLAS, Texas, March 31, 2000 - Zale Corporation (NYSE: ZLC), North
America's largest specialty retailer of fine jewelry, today announced the
Company has entered into a five-year unsecured working capital facility with
an initial commitment of $225 million which may be increased to $300 million
under certain conditions.  Fleet National Bank leads a group of nine banks in
replacing an existing $225 million unsecured working capital facility.

          "This agreement provides our Company with additional financial
flexibility as we continue to expand our business," said Executive Vice
President and Chief Financial Officer Sue Gove.   "The continued support of
our existing banking partners and the addition of three new banks is evidence
of the Company's consistent financial performance over the past six years."

          Zale Corporation operates approximately 1,350 specialty retail
jewelry stores located throughout the United States, Canada, Puerto Rico, and
online, including Zales Jewelers, Zales Outlet, Zale.com, Gordon's Jewelers,
Bailey Banks & Biddle Fine Jewelers and Peoples Jewellers.  Additional
information on Zale Corporation and its operations is available on the
Internet at www.zalecorp.com.
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          THIS RELEASE INCLUDES CERTAIN FORWARD-LOOKING INFORMATION INCLUDING
INFORMATION RELATED TO ZALE CORPORATION'S GROWTH EXPECTATIONS AND FUTURE
GROWTH INITIATIVES THAT IS BASED UPON MANAGEMENT'S BELIEFS AS WELL AS ON
ASSUMPTIONS MADE BY AND DATA CURRENTLY AVAILABLE TO MANAGEMENT.  THIS
INFORMATION, WHICH HAS BEEN, OR IN THE FUTURE MAY BE, INCLUDED IN RELIANCE ON
THE "SAFE HARBOR" PROVISIONS ON THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995, IS SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING BUT NOT
LIMITED TO THE FOLLOWING FACTORS: THE DEVELOPMENT OF TRENDS IN THE GENERAL
ECONOMY; COMPETITION IN THE FRAGMENTED RETAIL JEWELRY BUSINESS; THE
DEPENDENCE ON KEY PERSONNEL WHO HAVE BEEN HIRED OR RETAINED BY THE COMPANY;
THE CHANGES IN REGULATORY REQUIREMENTS WHICH ARE APPLICABLE TO THE COMPANY'S
BUSINESS; MANAGEMENT'S DECISIONS TO PURSUE NEW DISTRIBUTION CHANNELS AND
STRATEGIES WHICH MAY INVOLVE ADDITIONAL COSTS; AND THE RISK FACTORS LISTED
HEREIN AND FROM TIME TO TIME IN THE COMPANY'S SECURITIES AND EXCHANGE
COMMISSION REPORTS, INCLUDING BUT NOT LIMITED TO, ITS ANNUAL REPORTS ON FORM
10-K.  ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH
FORWARD-LOOKING STATEMENTS.  THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
OR REVISE ANY FORWARD-LOOKING STATEMENTS TO REFLECT SUBSEQUENT EVENTS OR
CIRCUMSTANCES EVEN IF EXPERIENCE OR FUTURE CHANGES MAKE IT CLEAR THAT ANY
PROJECTED RESULTS EXPRESSED OR IMPLIED THEREIN MAY NOT BE REALIZED.

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