{"id":405438,"date":"2020-12-23T20:44:25","date_gmt":"2020-12-24T01:44:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405438"},"modified":"2020-12-23T20:44:25","modified_gmt":"2020-12-24T01:44:25","slug":"birks-group-provides-business-update-4","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/","title":{"rendered":"Birks Group Provides Business Update"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">MONTREAL<\/span>, <span class=\"xn-chron\">Dec. 23, 2020<\/span> \/CNW Telbec\/ &#8211; Birks Group Inc. (the &#8220;Company&#8221; or &#8220;Birks Group&#8221;) (NYSE American: BGI), today provided a business update stating that as of <span class=\"xn-chron\">December 23, 2020<\/span>, 22 of the Company&#8217;s 29 stores across <span class=\"xn-location\">Canada<\/span> are open and serving clients in accordance with the directives of local government and public health officials. <\/p>\n<p>In accordance with current provincial restrictions to address the &#8220;second wave&#8221; of the COVID-19 pandemic, six of the Company&#8217;s <span class=\"xn-location\">Ontario<\/span> stores, including its flagship <span class=\"xn-person\">Bloor Street<\/span> store, and its <span class=\"xn-location\">Winnipeg<\/span> store in <span class=\"xn-location\">Manitoba<\/span>, have been temporarily closed for in-person shopping.\u00a0 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&#8217;s <span class=\"xn-location\">Ontario<\/span> stores starting on <span class=\"xn-chron\">December 26, 2020<\/span>. \u00a0We currently expect the required closings to last until <span class=\"xn-chron\">January 23, 2021<\/span>. In addition, starting <span class=\"xn-chron\">December 25, 2020<\/span>, all Qu\u00e9bec stores will be temporarily closed for in-person shopping until <span class=\"xn-chron\">January 10, 2021<\/span>. The Company&#8217;s remaining 13 stores in <span class=\"xn-location\">British Columbia<\/span>, <span class=\"xn-location\">Alberta<\/span> and <span class=\"xn-location\">Saskatchewan<\/span> remain open for in-store shopping.<\/p>\n<p>Birks Group expects that its revenue for the month of <span class=\"xn-chron\">January 2021<\/span> 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.<\/p>\n<p>Curbside pick up will be available by appointment only at the following locations affected by the government restrictions:<\/p>\n<p>\n        <span class=\"xn-location\">Ontario<\/span>\n      <\/p>\n<ul type=\"disc\">\n<li>Maison Birks Downtown Toronto &#8211; <span class=\"xn-person\">Bloor Street<\/span><\/li>\n<li>Maison Birks Yorkdale Shopping Centre <\/li>\n<li>\n          <span class=\"xn-person\">Maison Birks First Canadian Place<\/span>\n        <\/li>\n<li>Maison Birks Sherway Gardens <\/li>\n<li>Maison Birks Rideau Centre <\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">Quebec<\/span>\n      <\/p>\n<ul type=\"disc\">\n<li>Maison Birks Sainte Catherine Street Montr\u00e9al <\/li>\n<\/ul>\n<p>&#8220;While some of our boutiques may be temporarily closed for in-store shopping, there are still a number of ways for clients to access <span class=\"xn-person\">Maison Birks&#8217;<\/span> elevated client service,&#8221; says Jean-Christophe B\u00e9dos, President and CEO of Birks Group. &#8220;Through 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 <span class=\"xn-location\">Canada<\/span> 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.&#8221;<\/p>\n<p>Clients can make arrangements for curbside pickup through <span class=\"xn-person\">Maison Birks&#8217;<\/span> Concierge Service by phone at +1 (855) 873-7373 and email at <a target=\"_blank\" href=\"mailto:info@birks.com\" rel=\"nofollow noopener noreferrer\">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 <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3021955-1&amp;h=4107330997&amp;u=https%3A%2F%2Fwww.maisonbirks.com%2Fen%2Fvirtual-appointment&amp;a=https%3A%2F%2Fwww.maisonbirks.com%2Fen%2Fvirtual-appointment\" rel=\"nofollow noopener noreferrer\">https:\/\/www.maisonbirks.com\/en\/virtual-appointment<\/a>.<\/p>\n<p>Clients can continue to shop online 24\/7 at <a target=\"_blank\" href=\"\/\/10.86.178.63\/Users\/kreusch\/AppData\/Local\/Microsoft\/Windows\/INetCache\/Content.Outlook\/VA5NFK79\/MaisonBirks.com\" rel=\"nofollow noopener noreferrer\">MaisonBirks.com<\/a> and benefit from complimentary shipping across <span class=\"xn-location\">Canada<\/span><\/p>\n<p>\n        <b>About Birks Group Inc. <\/b>\n      <\/p>\n<p>Birks Group is a leading designer of fine jewellery, timepieces and gifts and operator of luxury jewellery stores in <span class=\"xn-location\">Canada<\/span>. The Company operates 26 stores under the Maison Birks brand in most major metropolitan markets in <span class=\"xn-location\">Canada<\/span>, one retail location in <span class=\"xn-location\">Calgary<\/span> under the Brinkhaus brand, one retail location in <span class=\"xn-location\">Vancouver<\/span> operated under the Graff brand and one location in <span class=\"xn-location\">Vancouver<\/span> under the Patek Philippe brand. Bijoux Birks fine jewellery collections are also available through Mappin &amp; Webb and Goldsmiths locations in the <span class=\"xn-location\">United Kingdom<\/span> in addition to several jewellery retailers across <span class=\"xn-location\">North America<\/span>. Birks was founded in 1879 and has become <span class=\"xn-location\">Canada&#8217;s<\/span> premier retailer and designer of fine jewellery, timepieces and gifts. Additional information can be found on Birks&#8217; web site, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3021955-1&amp;h=2585116656&amp;u=http%3A%2F%2Fwww.birks.com%2F&amp;a=www.birks.com\" rel=\"nofollow noopener noreferrer\">www.birks.com<\/a>.<\/p>\n<p>\n        <b>Forward Looking Statements <\/b>\n      <\/p>\n<p>This press release contains certain &#8220;forward-looking&#8221; statements which can be identified by their use of words like &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;believes,&#8221; &#8220;will,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221; &#8220;estimates,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;may,&#8221; &#8220;planned,&#8221; &#8220;goal,&#8221; 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.<\/p>\n<p>Because 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)\u00a0the 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&#8217;s 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)\u00a0economic, political and market conditions, including the economies of Canada and the U.S., which could adversely affect the Company&#8217;s 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)\u00a0the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company&#8217;s costs and expenses; (iv)\u00a0changes in interest rates; (v) the Company&#8217;s 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&#8217;s merchandise, to compete with other jewelers, to succeed in its marketing initiatives, and to have a successful customer service program; (vi)\u00a0the Company&#8217;s ability to continue to borrow under its credit facilities, (vii) the Company&#8217;s 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&#8217;s financial performance in the second half of fiscal 2021 and the level of capital expenditures requirements related to renewing store leases; (ix) the Company&#8217;s ability to execute its strategic vision; * the Company&#8217;s ability to continue as a going concern; and (xii)\u00a0the Company&#8217;s ability to achieve compliance with the NYSE American&#8217;s 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 &#8220;Risk Factors&#8221; and &#8220;Operating and Financial Review and Prospects&#8221; and elsewhere in the Company&#8217;s Annual Report on Form\u00a020-F\u00a0filed with the Securities and Exchange Commission on July\u00a08, 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. <\/p>\n<p>SOURCE  Birks Group Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C2295&amp;Transmission_Id=202012232040CANADANWWEB______C2295&amp;DateId=20201223\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire MONTREAL, Dec. 23, 2020 \/CNW Telbec\/ &#8211; Birks Group Inc. (the &#8220;Company&#8221; or &#8220;Birks Group&#8221;) (NYSE American: BGI), today provided a business update stating that as of December 23, 2020, 22 of the Company&#8217;s 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 &#8220;second wave&#8221; of the COVID-19 pandemic, six of the Company&#8217;s Ontario stores, including its flagship Bloor Street store, and its Winnipeg store in Manitoba, have been temporarily closed for in-person shopping.\u00a0 As a result of further provincial restrictions that were recently announced, required temporary closings for in-person shopping have been extended to all of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Birks Group Provides Business Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-405438","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Birks Group Provides Business Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Birks Group Provides Business Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire MONTREAL, Dec. 23, 2020 \/CNW Telbec\/ &#8211; Birks Group Inc. (the &#8220;Company&#8221; or &#8220;Birks Group&#8221;) (NYSE American: BGI), today provided a business update stating that as of December 23, 2020, 22 of the Company&#8217;s 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 &#8220;second wave&#8221; of the COVID-19 pandemic, six of the Company&#8217;s Ontario stores, including its flagship Bloor Street store, and its Winnipeg store in Manitoba, have been temporarily closed for in-person shopping.\u00a0 As a result of further provincial restrictions that were recently announced, required temporary closings for in-person shopping have been extended to all of &hellip; Continue reading &quot;Birks Group Provides Business Update&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-24T01:44:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C2295&amp;Transmission_Id=202012232040CANADANWWEB______C2295&amp;DateId=20201223\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/birks-group-provides-business-update-4\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/birks-group-provides-business-update-4\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Birks Group Provides Business Update\",\"datePublished\":\"2020-12-24T01:44:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/birks-group-provides-business-update-4\\\/\"},\"wordCount\":1140,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/birks-group-provides-business-update-4\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C2295&amp;Transmission_Id=202012232040CANADANWWEB______C2295&amp;DateId=20201223\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/birks-group-provides-business-update-4\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/birks-group-provides-business-update-4\\\/\",\"name\":\"Birks Group Provides Business Update - 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(the &#8220;Company&#8221; or &#8220;Birks Group&#8221;) (NYSE American: BGI), today provided a business update stating that as of December 23, 2020, 22 of the Company&#8217;s 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 &#8220;second wave&#8221; of the COVID-19 pandemic, six of the Company&#8217;s Ontario stores, including its flagship Bloor Street store, and its Winnipeg store in Manitoba, have been temporarily closed for in-person shopping.\u00a0 As a result of further provincial restrictions that were recently announced, required temporary closings for in-person shopping have been extended to all of &hellip; Continue reading \"Birks Group Provides Business Update\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-24T01:44:25+00:00","og_image":[{"url":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C2295&amp;Transmission_Id=202012232040CANADANWWEB______C2295&amp;DateId=20201223","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Birks Group Provides Business Update","datePublished":"2020-12-24T01:44:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/"},"wordCount":1140,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/#primaryimage"},"thumbnailUrl":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C2295&amp;Transmission_Id=202012232040CANADANWWEB______C2295&amp;DateId=20201223","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/birks-group-provides-business-update-4\/","name":"Birks Group Provides Business Update - 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