MONTREAL, Dec. 11, 2020 /CNW Telbec/ - Birks Group
Inc. (the "Company" or "Birks Group") (NYSE American: BGI), today
provided a business update.
As of December 11, 2020, 22 of the
Company's 29 stores across Canada
are opened and serving clients in accordance with the directives of
local government and public health officials. As a result of
provincial restrictions to address the "second wave" of the
COVID-19 pandemic, the Company's Winnipeg store is currently temporarily closed
for in-person shopping until further notice and six of the
Company's Ontario stores,
including its Bloor street flagship store, are also temporarily
closed for in-person shopping, for what we expect to be a minimum
of four weeks ending on December 22,
2020. However, all of the affected stores remain available
for Concierge Service (over the telephone) and curbside pickup.
Furthermore, in order to better serve its customers following
new and evolving restrictions surrounding in-store shopping across
the country, the Company is pleased to announce that it has added
virtual appointments to its Concierge Service across Canada, offering personalized video shopping
services from home. Stores currently under lockdown have been
equipped with the appropriate hardware to perform high-quality
video appointments and product presentations.
Mr. Jean-Christophe Bédos, President and Chief Executive Officer
of Birks Group, commented: "For those clients who prefer to shop
from home, our virtual concierge service is able to provide
elevated assistance over video chat. Clients will have the option
to book a private appointment with a Maison Birks sales
professional who can assist with everything from identifying that
perfect holiday gift to selecting an engagement ring."
Birks Group also announced that it has received
confirmation from the NYSE American LLC ("NYSE American") on
December 9, 2020 that the Company was
not in compliance with the continued listing standards set forth in
Section 1003(a)(i) of the NYSE American Company Guide (the
"Company Guide"). That section applies if a listed company has
stockholders' equity of less than U.S. $2.0 million and has reported losses from
continuing operations and/or net losses in two of its three most
recent fiscal years.
Birks Group can regain compliance under Section 1003(a)(i) of
the Company Guide, as well as under Section 1003(a)(ii), as
previously disclosed, under the compliance plan approved by NYSE
American on October 22, 2020, which
granted the Company an extension for its continued listing until
February 6, 2022. The Company is not
required to submit an additional plan to NYSE American with respect
to Section 1003(a)(i). Receipt of the notice does not affect the
Company's business, operations, financial or liquidity condition,
or reporting requirements with the Securities and Exchange
Commission.
About Birks Group Inc.
Birks 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's premier retailer and
designer of fine jewellery, timepieces and gifts. Additional
information can be found on Birks' web site, www.birks.com.
Clients can schedule appointments online at
https://www.maisonbirks.com/en/virtual-appointment. The Concierge
Service is also available by phone at +1 (855) 873-7373 and email
at info@birks.com. Clients can continue to shop online 24/7 at
MaisonBirks.com and benefit from complimentary shipping across
Canada.
Forward Looking Statements
This press release contains certain "forward-looking"
statements. Given 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 we 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 macroeconomic conditions, generally, as
well as its impact on the results of operations and financial
condition of the Company and 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'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) the
impact of fluctuations in foreign exchange rates, increases in
commodity prices and borrowing costs and their related impact on
the Company's costs and expenses; (iv) the Company'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's merchandise, to
compete with other jewelers, to succeed in its marketing
initiatives, and to have a successful customer service program;
(v) the Company's ability to execute its strategic vision; and
(vi) the Company's ability to achieve compliance with the NYSE
American's continued listing standards within the required time
frame. Information concerning factors that could cause actual
results to differ materially are set forth under the captions "Risk
Factors" and "Operating and Financial Review and Prospects" and
elsewhere in the Company's 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.
SOURCE Birks Group Inc.