\nBirks Group Inc. (the \u201cCompany\u201d or \u201cBirks Group\u201d) (NYSE American: BGI), today provided a business update stating that as of December 23, 2020, 22 of the Company\u2019s 29 stores across Canada are open and serving clients in accordance with the directives of local government and public health officials.\n<\/p>\n
\nIn accordance with current provincial restrictions to address the \u201csecond wave\u201d of the COVID-19 pandemic, six of the Company\u2019s Ontario stores, including its flagship Bloor Street store, and its Winnipeg store in Manitoba, have been temporarily closed for in-person shopping. As a result of further provincial restrictions that were recently announced, required temporary closings for in-person shopping have been extended to all of the Company\u2019s Ontario stores starting on December 26, 2020. We currently expect the required closings to last until January 23, 2021. In addition, starting December 25, 2020, all Qu\u00e9bec stores will be temporarily closed for in-person shopping until January 10, 2021. The Company\u2019s remaining 13 stores in British Columbia, Alberta and Saskatchewan remain open for in-store shopping.\n<\/p>\n
\nBirks Group expects that its revenue for the month of January 2021 will be negatively impacted by these stores closures and, as a result of these developments, the Company is implementing measures to mitigate the financial impact of these closures, including reducing operating expenses and extending payment terms with various stakeholders.\n<\/p>\n
\nCurbside pick up will be available by appointment only at the following locations affected by the government restrictions:\n<\/p>\n
\nOntario\n<\/p>\n
- \n
- \nMaison Birks Downtown Toronto – Bloor Street\n<\/li>\n
- \nMaison Birks Yorkdale Shopping Centre\n<\/li>\n
- \nMaison Birks First Canadian Place\n<\/li>\n
- \nMaison Birks Sherway Gardens\n<\/li>\n
- \nMaison Birks Rideau Centre\n<\/li>\n<\/ul>\n
\nQuebec\n<\/p>\n
- \n
- \nMaison Birks Sainte Catherine Street Montr\u00e9al\n<\/li>\n<\/ul>\n
\n\u201cWhile some of our boutiques may be temporarily closed for in-store shopping, there are still a number of ways for clients to access Maison Birks\u2019 elevated client service,\u201d says Jean-Christophe B\u00e9dos, President and CEO of Birks Group. \u201cThrough our Concierge Service, virtual appointments and ecommerce, we are available for our clients and able to help them shop safely during this time. MaisonBirks.com is the #1 e-commerce destination in Canada for luxury watches and jewellery. We remain committed to, and recently invested in technological equipment for the purpose of, offering the highest possible quality in individual video shopping to our clients.\u201d\n<\/p>\n
\nClients can make arrangements for curbside pickup through Maison Birks\u2019 Concierge Service by phone at +1 (855) 873-7373 and email at info@birks.com<\/a>. Select boutiques are also offering virtual appointments, where clients can receive elevated service through video chat. Virtual appointments can be scheduled online at https:\/\/www.maisonbirks.com\/en\/virtual-appointment<\/a>.\n<\/p>\n
\nClients can continue to shop online 24\/7 at MaisonBirks.com and benefit from complimentary shipping across Canada\n<\/p>\n
About Birks Group Inc. <\/b><\/p>\n
\nBirks Group is a leading designer of fine jewellery, timepieces and gifts and operator of luxury jewellery stores in Canada. The Company operates 26 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver operated under the Graff brand and one location in Vancouver under the Patek Philippe brand. Bijoux Birks fine jewellery collections are also available through Mappin & Webb and Goldsmiths locations in the United Kingdom in addition to several jewellery retailers across North America. Birks was founded in 1879 and has become Canada\u2019s premier retailer and designer of fine jewellery, timepieces and gifts. Additional information can be found on Birks\u2019 web site, www.birks.com<\/a>.\n<\/p>\n
Forward Looking Statements <\/b><\/p>\n
\nThis press release contains certain \u201cforward-looking\u201d statements which can be identified by their use of words like \u201cplans,\u201d \u201cexpects,\u201d \u201cbelieves,\u201d \u201cwill,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cmay,\u201d \u201cplanned,\u201d \u201cgoal,\u201d and other words of similar meaning. All statements that address expectations, possibilities or projections about the future, including without limitation, statements about our strategies for growth, expansion plans, sources or adequacy of capital, expenditures and financial results are forward-looking statements.\n<\/p>\n
\nBecause such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward-looking statements and no assurance can be given that the Company will meet the results projected in the forward looking statements. These risks and uncertainties include, but are not limited to the following: (i) the magnitude and length of economic disruption as a result of the worldwide COVID-19 outbreak, including its impact on (a) macroeconomic conditions, generally, (b) the results of operations and financial condition of the Company, (c) the Company\u2019s revenue as a result of store closures and related measures to mitigate the financial impact of these closures, including reducing operating expenses and extending payment terms with various stakeholders, (d) capital investments in technology, and (e) the trading price of its shares; (ii) economic, political and market conditions, including the economies of Canada and the U.S., which could adversely affect the Company\u2019s business, operating results or financial condition, including its revenue and profitability, through the impact of changes in the real estate markets, changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales; (iii) the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company\u2019s costs and expenses; (iv) changes in interest rates; (v) the Company\u2019s ability to maintain and obtain sufficient sources of liquidity to fund its operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to mitigate fluctuations in the availability and prices of the Company\u2019s merchandise, to compete with other jewelers, to succeed in its marketing initiatives, and to have a successful customer service program; (vi) the Company\u2019s ability to continue to borrow under its credit facilities, (vii) the Company\u2019s ability to maintain profitable operations, as well as maintain specified excess availability levels under its credit facilities, make scheduled payments of principal and interest, and fund capital expenditures; (viii) the Company\u2019s financial performance in the second half of fiscal 2021 and the level of capital expenditures requirements related to renewing store leases; (ix) the Company\u2019s ability to execute its strategic vision; (x) the Company\u2019s ability to continue as a going concern; and (xii) the Company\u2019s ability to achieve compliance with the NYSE American\u2019s continued listing standards within the required time frame. Information concerning factors that could cause actual results to differ materially is set forth under the captions \u201cRisk Factors\u201d and \u201cOperating and Financial Review and Prospects\u201d and elsewhere in the Company\u2019s Annual Report on Form 20-F filed with the Securities and Exchange Commission on July 8, 2020 and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201223005603\/en\/<\/a><\/span><\/p>\n
Company Contacts:
\n<\/b>
Katia Fontana
\n
Vice President and Chief Financial Officer
\n
(514) 397-2592\n<\/p>\nFor all press and media inquiries, please contact:
\n<\/b>
OverCat Communications
\n
Audrey Hyams Romoff, ahr@overcat.com<\/a>, (647) 223-9970
\n
Gillian DiCesare, gd@overcat.com<\/a>, (647) 223-5590
\n
Chelsea Brooks, cb@overcat.com<\/a>, (289) 221-6006\n<\/p>\nKEYWORDS:<\/b> North America Canada<\/p>\n
INDUSTRY KEYWORDS:<\/b> Online Retail Manufacturing Luxury Specialty Department Stores Women Fashion Men Other Manufacturing Retail Consumer<\/p>\n
MEDIA:<\/b><\/p>\n
\n","protected":false},"excerpt":{"rendered":"
Birks Group Provides Business Update MONTREAL–(BUSINESS WIRE)– Birks Group Inc. (the \u201cCompany\u201d or \u201cBirks Group\u201d) (NYSE American: BGI), today provided a business update stating that as of December 23, 2020, 22 of the Company\u2019s 29 stores across Canada are open and serving clients in accordance with the directives of local government and public health officials. In accordance with current provincial restrictions to address the \u201csecond wave\u201d of the COVID-19 pandemic, six of the Company\u2019s Ontario stores, including its flagship Bloor Street store, and its Winnipeg store in Manitoba, have been temporarily closed for in-person shopping. As a result of further provincial restrictions that were recently announced, required temporary closings for in-person shopping have been extended to all of the Company\u2019s … <\/p>\n
- \nMaison Birks Sainte Catherine Street Montr\u00e9al\n<\/li>\n<\/ul>\n