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HomeStyleBirks Group Provides Business Update

Birks Group Provides Business Update

Birks Group Inc. (the “Company” or “Birks Group”) (NYSE American: BGI), at this time offered a enterprise replace stating that as of December 23, 2020, 22 of the Firm’s 29 shops throughout Canada are open and serving shoppers in accordance with the directives of native authorities and public well being officers.

In accordance with present provincial restrictions to handle the “second wave” of the COVID-19 pandemic, six of the Firm’s Ontario shops, together with its flagship Bloor Avenue retailer, and its Winnipeg retailer in Manitoba, have been quickly closed for in-person purchasing. On account of additional provincial restrictions that had been just lately introduced, required short-term closings for in-person purchasing have been prolonged to all the Firm’s Ontario shops beginning on December 26, 2020. We at present count on the required closings to final till January 23, 2021. As well as, beginning December 25, 2020, all Québec shops will likely be quickly closed for in-person purchasing till January 10, 2021. The Firm’s remaining 13 shops in British Columbia, Alberta and Saskatchewan stay open for in-store purchasing.

Birks Group expects that its income for the month of January 2021 will likely be negatively impacted by these shops closures and, on account of these developments, the Firm is implementing measures to mitigate the monetary affect of those closures, together with decreasing working bills and increasing cost phrases with numerous stakeholders.

Curbside decide up will likely be out there by appointment solely on the following places affected by the federal government restrictions:

Ontario

  • Maison Birks Downtown Toronto – Bloor Avenue

  • Maison Birks Yorkdale Purchasing Centre

  • Maison Birks First Canadian Place

  • Maison Birks Sherway Gardens

  • Maison Birks Rideau Centre

Quebec

  • Maison Birks Sainte Catherine Avenue 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.”

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Shoppers could make preparations for curbside pickup by means of Maison Birks’ Concierge Service by telephone at +1 (855) 873-7373 and electronic mail at data@birks.com. Choose boutiques are additionally providing digital appointments, the place shoppers can obtain elevated service by means of video chat. Digital appointments will be scheduled on-line at https://www.maisonbirks.com/en/virtual-appointment.

Shoppers can proceed to buy on-line 24/7 at MaisonBirks.com and profit from complimentary transport throughout Canada

About Birks Group Inc.

Birks Group is a number one designer of effective jewelry, timepieces and items and operator of luxurious jewelry shops in Canada. The Firm operates 26 shops below the Maison Birks model in most main metropolitan markets in Canada, one retail location in Calgary below the Brinkhaus model, one retail location in Vancouver operated below the Graff model and one location in Vancouver below the Patek Philippe model. Bijoux Birks effective jewelry collections are additionally out there by means of Mappin & Webb and Goldsmiths places in the UK along with a number of jewelry retailers throughout North America. Birks was based in 1879 and has turn into Canada’s premier retailer and designer of effective jewelry, timepieces and items. Further info will be discovered on Birks’ site, www.birks.com.

Ahead Wanting Statements

This press launch incorporates sure “forward-looking” statements which will be recognized by their use of phrases like “plans,” “expects,” “believes,” “will,” “anticipates,” “intends,” “projects,” “estimates,” “could,” “would,” “may,” “planned,” “goal,” and different phrases of comparable which means. All statements that tackle expectations, potentialities or projections concerning the future, together with with out limitation, statements about our methods for development, enlargement plans, sources or adequacy of capital, expenditures and monetary outcomes are forward-looking statements.

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As a result of such statements embrace numerous dangers and uncertainties, precise outcomes may differ materially from these projected within the forward-looking statements and no assurance will be provided that the Firm will meet the outcomes projected within the ahead wanting statements. These dangers and uncertainties embrace, however will not be restricted to the next: (i) the magnitude and size of financial disruption on account of the worldwide COVID-19 outbreak, together with its affect on (a) macroeconomic circumstances, typically, (b) the outcomes of operations and monetary situation of the Firm, (c) the Firm’s income on account of retailer closures and associated measures to mitigate the monetary affect of those closures, together with decreasing working bills and increasing cost phrases with numerous stakeholders, (d) capital investments in know-how, and (e) the buying and selling value of its shares; (ii) financial, political and market circumstances, together with the economies of Canada and the U.S., which may adversely have an effect on the Firm’s enterprise, working outcomes or monetary situation, together with its income and profitability, by means of the affect of modifications in the actual property markets, modifications within the fairness markets and reduces in client confidence and the associated modifications in client spending patterns, the affect on retailer visitors, tourism and gross sales; (iii) the affect of fluctuations in overseas alternate charges, will increase in commodity costs and borrowing prices and their associated affect on the Firm’s prices and bills; (iv) modifications in rates of interest; (v) the Firm’s capacity to keep up and procure adequate sources of liquidity to fund its operations, to realize deliberate gross sales, gross margin and internet revenue, to maintain prices low, to implement its enterprise technique, preserve relationships with its major distributors, to mitigate fluctuations within the availability and costs of the Firm’s merchandise, to compete with different jewelers, to achieve its advertising and marketing initiatives, and to have a profitable customer support program; (vi) the Firm’s capacity to proceed to borrow below its credit score amenities, (vii) the Firm’s capacity to keep up worthwhile operations, in addition to preserve specified extra availability ranges below its credit score amenities, make scheduled funds of principal and curiosity, and fund capital expenditures; (viii) the Firm’s monetary efficiency within the second half of fiscal 2021 and the extent of capital expenditures necessities associated to renewing retailer leases; (ix) the Firm’s capacity to execute its strategic imaginative and prescient; (x) the Firm’s capacity to proceed as a going concern; and (xii) the Firm’s capacity to realize compliance with the NYSE American’s continued itemizing requirements throughout the required timeframe. Data regarding components that might trigger precise outcomes to vary materially is ready forth below the captions “Risk Factors” and “Operating and Financial Review and Prospects” and elsewhere within the Firm’s Annual Report on Type 20-F filed with the Securities and Change Fee on July 8, 2020 and subsequent filings with the Securities and Change Fee. The Firm undertakes no obligation to replace or launch any revisions to those forward-looking statements to mirror occasions or circumstances after the date of this assertion or to mirror the incidence of unanticipated occasions, besides as required by legislation.

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View supply model on businesswire.com: https://www.businesswire.com/news/home/20201223005603/en/

Contacts

Firm Contacts:
Katia Fontana
Vice President and Chief Monetary Officer
(514) 397-2592

For all press and media inquiries, please contact:
OverCat Communications
Audrey Hyams Romoff, ahr@overcat.com, (647) 223-9970
Gillian DiCesare, gd@overcat.com, (647) 223-5590
Chelsea Brooks, cb@overcat.com, (289) 221-6006

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