MONTREAL, March 18, 2020 /CNW Telbec/ - Birks Group Inc.
(the "Company" or "Birks Group") (NYSE American: BGI) announced
today that given the rapidly changing environment due to the novel
coronavirus COVID-19, and in order to ensure the health and safety
of its employees and the community, it is temporarily closing all
of its Maison Birks stores across Canada effective on March 18, 2020 until at least April 1, 2020. This decision will be re-evaluated
as new information becomes available regarding the COVID-19
pandemic.
"Our store closures are a result of the unforeseeable
circumstances caused by the COVID-19 virus and the guidance of
government and public health officials. We must take steps to
respond to this unprecedented event while protecting our employees
and customers, as well as to adjust to what we believe will be a
temporary issue," commented Jean-Christophe Bédos, President and
Chief Executive Officer of the Company.
The Maison Birks flagships stores in Montréal, Toronto and Vancouver, as well as the Brinkhaus store
(Calgary) and Graff & Patek
Philippe (Vancouver) stores, will
also be closed however, we have established a concierge service
that is available for clients who need assistance. Clients
will be able to continue shopping from their home either at
MaisonBirks.com or by phone at +1 (855) 873-7373 and benefit from
direct complimentary shipping to their door.
About Birks Group Inc.
Birks Group is a leading designer of fine jewelry, timepieces
and gifts and operator of luxury jewelry stores in Canada. The Company operates 27 stores under
the Maison Birks brand in most major metropolitan markets in
Canada, one retail location in
Calgary under the Brinkhaus brand
and two retail locations in Vancouver under the Graff and Patek Philippe
brands. Birks Collections are available at Mappin & Webb and
Goldsmiths in the United Kingdom
in addition to several jewelry retailers across North America. Birks was founded in 1879 and
has become Canada's premier
retailer and designer of fine jewelry, timepieces, and gifts.
Additional information can be found on the Company's web site,
www.birks.com
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 and
(v) the Company's ability to execute its strategic vision.
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 June
24, 2019 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.