Birks store closures to hurt January sales
Montreal-based jewelry retailer Birks Group Inc. is expecting a difficult beginning to 2021, with the retailer being forced to close stores through much of Canada.
In accordance with current provincial restrictions to address the second wave of the Covid-19 pandemic, the company's stores in Ontario will be closed until January 23, while all Quebec stores will be temporarily closed for in-person shopping until January 10.
The company's remaining 13 stores in British Columbia, Alberta and Saskatchewan will remain open for in-store shopping.
As a result of these closures, Birks is implementing measures to mitigate any financial impact, including reducing operating expenses and extending payment terms with various stakeholders.
Likewise, the company is offering curbside pick-up by appointment at locations affected by the government restrictions.
"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," said Jean-Christophe Bédos, president and CEO of the group.
"Through our Concierge Service, virtual appointments and e-commerce, 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.”
Birks was carrying out a strategic five-year transformation plan intended to return the company to profitability when the Covid-19 pandemic hit, most recently completing a series of renovations at its flagship stores in Montreal, Toronto and Vancouver.
The company ended fiscal 2020, with net sales of $169.4 million, an increase of $18.4 million, compared to net sales of $151 million in fiscal 2019.
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