MONTREAL, Dec. 23, 2020 /CNW Telbec/ - Birks Group Inc.
(the "Company" or "Birks Group") (NYSE American: BGI), today
provided a business update stating that as of December 23, 2020, 22 of the Company'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 "second wave" of the COVID-19 pandemic, six of the Company's
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's 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 Québec stores
will be temporarily closed for in-person shopping until
January 10, 2021. The Company's
remaining 13 stores in British
Columbia, Alberta and
Saskatchewan remain open for
in-store shopping.
Birks 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.
Curbside pick up will be available by appointment only at the
following locations affected by the government restrictions:
Ontario
- Maison Birks Downtown Toronto - Bloor
Street
- Maison Birks Yorkdale Shopping Centre
- Maison Birks First Canadian
Place
- Maison Birks Sherway Gardens
- Maison Birks Rideau Centre
Quebec
- Maison Birks Sainte Catherine Street Montréal
"While 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' elevated client
service," says Jean-Christophe Bédos, President and CEO of Birks
Group. "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 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."
Clients can make arrangements for curbside pickup through
Maison Birks' Concierge Service by
phone at +1 (855) 873-7373 and email at info@birks.com. 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.
Clients can continue to shop online 24/7 at MaisonBirks.com and
benefit from complimentary shipping across Canada
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.
Forward Looking Statements
This press release contains certain "forward-looking" statements
which can be identified by their use of words like "plans,"
"expects," "believes," "will," "anticipates," "intends,"
"projects," "estimates," "could," "would," "may," "planned,"
"goal," 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.
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) 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'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) 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) changes in interest rates; (v) 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;
(vi) the Company's ability to continue to borrow under its
credit facilities, (vii) the Company'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'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's ability to
execute its strategic vision; * the Company's ability to continue
as a going concern; and (xii) 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 is 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.