MONTREAL, June 30, 2021 /CNW Telbec/ - Birks Group Inc. (the "Company" or "Birks Group") (NYSE American: BGI), today provides a business update stating that as of June 30, 2021, all 29 of the Company's retail stores across Canada are now open for in-person shopping and serving clients in accordance with the directives of local government and public health officials.
On June 30, 2021, the Company re-opened all nine of its mall stores in Ontario for in-person shopping, in line with the second step of the province's re-opening plan. The stores were previously closed for in-person shopping (but open for curbside pick-up and concierge services) since April 17, 2021. The stores were also temporarily closed for a 15-week period between November 23, 2020 and March 9, 2021, in accordance with the Ontario government's directives for non-essential retail stores. As required by provincial health restrictions, the stores are currently operating at 25% capacity.
Mr. Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commented: "We are extremely pleased and excited to welcome our clients back into our stores in Ontario following a long closure due to required COVID-19 restrictions. It is a pleasure to have our full retail network available again and to provide our clients with the full scope of our offering and services. As we transition into a gradual re-opening in Ontario, we remain committed to providing our customers with Maison Birks' elevated client service and luxury experience in a safe environment for all."
For those clients who prefer to continue to shop from home, select boutiques will continue to offer virtual appointments, where clients can receive elevated service through video chat. Clients can continue to shop online 24/7 at MaisonBirks.com.
Birks Group also announces it has received confirmation from the NYSE American LLC ("NYSE American") on June 25, 2021 that the Company was not in compliance with the continued listing standards set forth in Section 1003(a)(iii) of the NYSE American Company Guide (the "Company Guide"). That section applies if a listed company has stockholders' equity of less than U.S. $6.0 million and has reported losses from continuing operations and/or net losses in its five most recent fiscal years.
Birks Group can regain compliance under Section 1003(a)(iii) of the Company Guide, as well as under Section 1003(a)(i) and 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)(iii). 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. As of June 30, 2021, the Company operates twenty-nine retail stores, of which twenty-six stores are 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 retail 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, including Mayors Jewelers, as well as select SAKS Fifth Avenue locations. 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. 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 economic disruption resulting from the worldwide COVID-19 outbreak; (ii) the Company's ability to gradually re-open its stores in Ontario and execute its strategic vision; and (iii) 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 June 17, 2021 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.