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  <h1 align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></h1>
  
  <h2 align="center" style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">WASHINGTON,
  D.C. 20549</font></i></b></h2>
  
  <h2 align="center" style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></h2>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h3 align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></h3>
  
  <h3 align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Current
  Report</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dated April&nbsp;25, 2008</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">of</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <h4 align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">ZALE CORPORATION</font></b></h4>
  
  <h4 align="center" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A Delaware Corporation</font></b></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IRS Employer Identification No.&nbsp;</font></b><b>75-0675400</b></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SEC File Number </font></b><b>001-04129</b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">901 West Walnut Hill Lane</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Irving, Texas&#160; 75038</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(972) 580-4000</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Written communications pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR 230.425)</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Soliciting material pursuant to Rule&nbsp;14a-12
  under the Securities Act (17 CFR 240.14a-12)</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Securities Act (17 CFR 240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Securities Act (17 CFR 240.13e-2(c))</p>
  
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  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Changes
  in Registrants Certifying Accountant.</b></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May 1,
  2008, the Company engaged Ernst&nbsp;&amp; Young LLP (&#147;Ernst&nbsp;&amp; Young&#148;)
  to serve as the Company&#146;s independent public accountants for the fiscal year
  ending July&nbsp;31, 2008, following KPMG&#146;s completion of its&#160; review of Zale Corporation&#146;s interim
  financial information as of and for the three-month and nine-month periods
  ended April&nbsp;30, 2008. The decision to change accountants was approved by
  the Audit Committee of the board of directors.&#160;
  The change in auditors eliminates any issue as to whether KPMG&#146;s
  independence could be impacted by the service of Richard C. Breeden and James
  Cotter as members of the Company&#146;s Board of Directors.&#160; Mr.&nbsp;Breeden serves as KPMG&#146;s Monitor,
  and Mr.&nbsp;Cotter is a member of Breeden&#146;s monitoring team.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the two
  fiscal years ended July&nbsp;31, 2007 and July&nbsp;31, 2006, and the
  subsequent interim period through May&nbsp;1, 2008, there were no (1)&nbsp;disagreements
  with KPMG on any matter of accounting principles or practices, financial
  statement disclosure, or auditing scope or procedures, which disagreements if
  not resolved to their satisfaction would have caused them to make reference in
  connection with their opinion to the subject matter of the disagreement, or (2)&nbsp;reportable
  events (as defined in Item 304(a)(1)(v)&nbsp;of Regulation S-K).</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The audit
  reports of KPMG on the consolidated financial statements of the Company as of
  and for the years ended July&nbsp;31, 2007, and 2006, did not contain any
  adverse opinion or disclaimer of opinion, nor were they qualified or modified
  as to uncertainty, audit scope, or accounting principles. The audit reports of
  KPMG on the effectiveness of internal control over financial reporting as of July&nbsp;31,
  2007, and on management&#146;s assessment of the effectiveness of internal control
  over financial reporting&#160; and the
  effectiveness of internal control over financial reporting as of July&nbsp;31,
  2006, did not contain any adverse opinion or disclaimer of opinion, nor were
  they qualified or modified as to uncertainty, audit scope, or accounting
  principles, except that KPMG&#146;s report indicates that the Company did not
  maintain effective internal control over financial reporting as of July&nbsp;31,
  2006, because of the effect of a material weakness on the achievement of the
  objectives of the control criteria and contains an explanatory paragraph that
  states the Company did not maintain effective policies and procedures to ensure
  the accounting for certain derivative financial instrument was in accordance
  with Statement of Financial Accounting Standards No.&nbsp;133, <i>Accounting for Derivative Instruments and Hedging Activities</i>.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the
  fiscal years ended July&nbsp;31, 2007 and July, 31 2006, and through the date
  hereof, the Company did not consult Ernst&nbsp;&amp; Young with respect to the
  application of accounting principles to a specified transaction, either
  completed or proposed, or the type of audit opinion that might be rendered on
  the Company&#146;s Consolidated Financial Statements, or any matter that was either
  the subject of a &#147;disagreement&#148; (as defined in Item 304(a)(1)(iv)&nbsp;and the
  related instructions of Regulation S-K) or a &#147;reportable event.&#148;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
  provided KPMG with a copy of the foregoing disclosures.&#160; Exhibit&nbsp;10.1 is a copy of KPMG&#146;s letter,
  dated May&nbsp;1, 2008.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
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  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Departure
  of Directors or Certain Officers; Election of Directors; Appointment of Certain
  Officers; Compensatory Arrangements of Certain Officers.</b></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;28,
  2008, the Company and Zale Delaware,&nbsp;Inc., a wholly-owned subsidiary of
  the Company, entered into a Separation and Release Agreement with Charles E.
  Fieramosca, a former executive officer of the Company.&#160; Under the terms of the agreement, Mr.&nbsp;Fieramosca
  (a)&nbsp;will receive a severance payment in the amount of $359,750, (b)&nbsp;for
  a period of up to approximately one year from the date of his termination of
  employment, will be eligible to continue medical insurance coverage at the same
  rates paid by similarly situated executives of the Company, and thereafter will
  be eligible to continue medical insurance coverage in accordance with COBRA,
  and (c)&nbsp;will receive a payment of $44,141, representing the unpaid portion
  of his vested benefits under the Zale Supplemental Executive Retirement
  Plan.&#160; Under the agreement, Mr.&nbsp;Fieramosca
  agreed to certain non-competition, non-solicitation and confidentiality provisions
  for a period of time following his termination of employment.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
  Statements and Exhibits.</b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Exhibits.</i></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Letter from KPMG LLP to the
  Securities and Exchange Commission, dated May 1, 2008, regarding change in
  certifying accountant</p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Separation and Release
  Agreement, among Zale Corporation, Zale Delaware,&nbsp;Inc. and Charles E.
  Fieramosca</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
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  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to
  the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this Report to be signed on its behalf by the undersigned hereunto
  duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;width:97.8%;">
   <tr>
    <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ZALE
    CORPORATION</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
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    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATE:</font></p>
    </td>
    <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 1, 2008</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rodney Carter</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="42%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:42.1%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rodney
    Carter</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
    Vice President, Chief Financial Officer</font></p>
    </td>
   </tr>
   <tr>
    <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Chief
    Administrative Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-12985_18k.htm", "description": "CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES", "secsgml_size_bytes": 25471}]
metadata_filer: {"company-data": {"conformed-name": "ZALE CORP", "cik": "0000109156", "assigned-sic": "5944", "irs-number": "750675400", "state-of-incorporation": "DE", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-04129", "film-number": "08795479"}, "business-address": {"street1": "901 W WALNUT HILL LN", "street2": "MS 6B-3", "city": "IRVING", "state": "TX", "zip": "75038", "phone": "9725804000"}, "mail-address": {"street1": "901 WEST WALNUT HILL LANE", "street2": "MAIL STOP 6B-3", "city": "IRVING", "state": "TX", "zip": "75038-1003"}, "former-company": {"former-conformed-name": "ZALE JEWELRY CO INC", "date-changed": "19710510"}}
text: SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C. 20549
  FORM 8-K
  Current
  Report
  Dated April 25, 2008
  of
  ZALE CORPORATION
  A Delaware Corporation
  IRS Employer Identification No.
  75-0675400
  SEC File Number
  001-04129
  901 West Walnut Hill Lane
  Irving, Texas  75038
  (972) 580-4000
  o
  Written communications pursuant to Rule 425
  under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Securities Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Securities Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Securities Act (17 CFR 240.13e-2(c))
  Item 4.01
  Changes
  in Registrants Certifying Accountant.
  On May 1,
  2008, the Company engaged Ernst & Young LLP ("Ernst & Young")
  to serve as the Company's independent public accountants for the fiscal year
  ending July 31, 2008, following KPMG's completion of its  review of Zale Corporation's interim
  financial information as of and for the three-month and nine-month periods
  ended April 30, 2008. The decision to change accountants was approved by
  the Audit Committee of the board of directors. 
  The change in auditors eliminates any issue as to whether KPMG's
  independence could be impacted by the service of Richard C. Breeden and James
  Cotter as members of the Company's Board of Directors.  Mr. Breeden serves as KPMG's Monitor,
  and Mr. Cotter is a member of Breeden's monitoring team.
  During the two
  fiscal years ended July 31, 2007 and July 31, 2006, and the
  subsequent interim period through May 1, 2008, there were no (1) disagreements
  with KPMG on any matter of accounting principles or practices, financial
  statement disclosure, or auditing scope or procedures, which disagreements if
  not resolved to their satisfaction would have caused them to make reference in
  connection with their opinion to the subject matter of the disagreement, or (2) reportable
  events (as defined in Item 304(a)(1)(v) of Regulation S-K).
  The audit
  reports of KPMG on the consolidated financial statements of the Company as of
  and for the years ended July 31, 2007, and 2006, did not contain any
  adverse opinion or disclaimer of opinion, nor were they qualified or modified
  as to uncertainty, audit scope, or accounting principles. The audit reports of
  KPMG on the effectiveness of internal control over financial reporting as of July 31,
  2007, and on management's assessment of the effectiveness of internal control
  over financial reporting  and the
  effectiveness of internal control over financial reporting as of July 31,
  2006, did not contain any adverse opinion or disclaimer of opinion, nor were
  they qualified or modified as to uncertainty, audit scope, or accounting
  principles, except that KPMG's report indicates that the Company did not
  maintain effective internal control over financial reporting as of July 31,
  2006, because of the effect of a material weakness on the achievement of the
  objectives of the control criteria and contains an explanatory paragraph that
  states the Company did not maintain effective policies and procedures to ensure
  the accounting for certain derivative financial instrument was in accordance
  with Statement of Financial Accounting Standards No. 133,
  Accounting for Derivative Instruments and Hedging Activities
  .
  During the
  fiscal years ended July 31, 2007 and July, 31 2006, and through the date
  hereof, the Company did not consult Ernst & Young with respect to the
  application of accounting principles to a specified transaction, either
  completed or proposed, or the type of audit opinion that might be rendered on
  the Company's Consolidated Financial Statements, or any matter that was either
  the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) and the
  related instructions of Regulation S-K) or a "reportable event."
  The Company
  provided KPMG with a copy of the foregoing disclosures.  Exhibit 10.1 is a copy of KPMG's letter,
  dated May 1, 2008.
  2
  Item 5.02
  Departure
  of Directors or Certain Officers; Election of Directors; Appointment of Certain
  Officers; Compensatory Arrangements of Certain Officers.
  On April 28,
  2008, the Company and Zale Delaware, Inc., a wholly-owned subsidiary of
  the Company, entered into a Separation and Release Agreement with Charles E.
  Fieramosca, a former executive officer of the Company.  Under the terms of the agreement, Mr. Fieramosca
  (a) will receive a severance payment in the amount of $359,750, (b) for
  a period of up to approximately one year from the date of his termination of
  employment, will be eligible to continue medical insurance coverage at the same
  rates paid by similarly situated executives of the Company, and thereafter will
  be eligible to continue medical insurance coverage in accordance with COBRA,
  and (c) will receive a payment of $44,141, representing the unpaid portion
  of his vested benefits under the Zale Supplemental Executive Retirement
  Plan.  Under the agreement, Mr. Fieramosca
  agreed to certain non-competition, non-solicitation and confidentiality provisions
  for a period of time following his termination of employment.
  Item 9.01
  Financial
  Statements and Exhibits.
  (d)
  Exhibits.
  10.1
  Letter from KPMG LLP to the
  Securities and Exchange Commission, dated May 1, 2008, regarding change in
  certifying accountant
  10.2
  Separation and Release
  Agreement, among Zale Corporation, Zale Delaware, Inc. and Charles E.
  Fieramosca
  3
  SIGNATURES
  Pursuant to
  the requirements of the Securities Exchange Act of 1934, the Registrant has
  duly caused this Report to be signed on its behalf by the undersigned hereunto
  duly authorized.
  ZALE
    CORPORATION
  DATE:
  May 1, 2008
  By:
  /s/ Rodney Carter
  Rodney
    Carter
  Executive
    Vice President, Chief Financial Officer
  and Chief
    Administrative Officer
  4