Birks Group Provides a Corporate Update
Article content
MONTREAL — Birks Group Inc. (the 'Company', 'Birks Group' or 'we') (NYSE American LLC: BGI) is pleased to provide an update on its corporate activities.
Article content
All figures presented herein are in Canadian dollars.
Article content
The Company has entered into a commitment letter with SLR Credit Solutions ('SLR'), one of the Company's current senior lenders, whereby SLR has committed to provide the Company with an additional term loan of $13.5 million subject to the satisfaction of certain conditions precedent (the 'Incremental Loan'). The Incremental Loan would bear interest at the same rate as our current term loan with SLR which is CORRA plus (i) a CORRA adjustment of 0.32% and (ii) 7.75%, and it would be repayable, in full, on December 24, 2026. The proceeds of the Incremental Loan are to be used by the Company to fund a strategic acquisition of jewellery stores (the 'Acquisition') and to fund ordinary course working capital. In connection with the Acquisition, the Company has entered into a share purchase agreement to acquire jewellery stores located in a Canadian province where the Company already operates. The Acquisition is subject to a number of conditions precedent, including certain third-party consents and satisfaction of other conditions and covenants customary for an acquisition of this nature. Contemporaneously with the Incremental Loan, Mangrove Holding S.A., one of the Company's controlling shareholders, will enter into a loan agreement with the Company to advance $3.75 million of additional indebtedness to fund our working capital requirements, at an annual interest rate of 15%, which would be repayable, in full, on December 24, 2026, subject to the satisfaction of certain conditions precedent.
Article content
The Company gives no assurance that it will be able to satisfy these conditions and consummate the proposed Acquisition, Incremental Loan and the Mangrove Holding financing on these or any terms.
Article content
The Company continues to be actively engaged in identifying alternative transactions to continue pursuing its strategic goals including raising additional funds through public or private equity, debt financing, and the completion of strategic acquisitions or divestitures.
Article content
About Birks Group Inc.
Article content
Birks Group is a leading designer of fine jewellery and an operator of luxury jewellery, timepieces and gifts retail stores in Canada. The Company operates 18 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Montreal under the Birks brand, one retail location in Montreal under the TimeVallée brand, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver operated under the Graff brand, one location in Vancouver under the Patek Philippe brand, and three retail locations in Laval, Ottawa and Toronto under the Breitling brand. Birks was founded in 1879 and has become Canada's premier designer and retailer of fine jewellery, timepieces and gifts. Additional information can be found on Birks' web site, www.birks.com.
Article content
About SLR Credit Solutions
Article content
SLR Credit Solutions (f/k/a Crystal Financial), a portfolio company of SLR Investment Corp., is a leading provider of direct private credit focused on originating, underwriting, and managing asset-based financings.
Article content
Forward Looking Statements
Article content
This press release contains 'forward-looking' statements regarding, among other things: (i) the ability of the Company to consummate modifications to its existing financing structure that will reduce the level of liquidity risk the Company has faced over the past several years and provide funding for investments necessary to further the Company's strategic initiatives; and (ii) the timing of the execution of the definitive documentation giving effect to the acquisition contemplated by the Incremental Loan and the Acquisition. Forward looking statements can be identified, for example, by their use of words such as: '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 and all statements in this press release other than statements of historical fact are forward-looking statements.
Article content
Because such statements include various risks and uncertainties, actual results might differ materially from those projected in forward-looking statements. Accordingly, the reader should not place undue reliance on forward-looking statements, and no assurance can be given that we will be able to consummate the proposed financing and acquisition arrangements upon the terms presently contemplated or at all. Risks and uncertainties related to the proposed financing and acquisition arrangements include, but are not limited to the following: (i) we may be unable to negotiate definitive documentation giving effect to the proposed acquisition and financing; (ii) economic, political and market conditions, including the economies of Canada and the U.S., and tariffs imposed on the importation of goods into Canada, could adversely affect our ability to consummate the proposed financing and acquisition arrangements; (iii) fluctuations in foreign exchange rates and borrowing costs and their related effect on the cost of financing could adversely affect our ability to consummate the proposed financing and acquisition arrangements; (iv) we may be unable to maintain and obtain sufficient sources of liquidity to fund our operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement our business strategy, to maintain relationships with our primary vendors, to source raw materials, to mitigate fluctuations in the availability and prices of the Company's merchandise, to compete with other jewellers, to succeed in its marketing initiatives (including with respect to Birks branded products), and to have a successful customer service program, all of which could affect our ability to obtain and consummate the proposed financing and acquisition and our ability to execute our strategic vision; (v) we may be unable to invest in and finance capital expenditures; (vi) we may be unable to maintain our listing on the NYSE American exchange or to list our shares on another national securities exchange; and (vii) our ability to continue as a going concern.
Article content
Information concerning the above and other risk 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 16, 2024, as amended on July 18, 2024, 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.
Article content
Article content
Article content
Article content
Contacts
Article content
Company Contact:
Article content
Katia Fontana
Article content
Article content
Article content
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
2 hours ago
- CTV News
Ikea is recalling thousands of garlic presses sold in Canada
Ikea is asking Canadian customers who bought a specific kind of garlic press to stop using it because small metal pieces could detach and potentially be eaten. The Swedish home furnishing giant is recalling its Chinese-made black 365+ Vardefull garlic press. Affected customers can visit an Ikea Canada store and return the product for a full refund without requiring a receipt or any other proof of purchase, Alicia Carroll, public relations leader with Ikea Canada, wrote in an email to on Wednesday. A 'production error' caused the problem after it conducted an 'internal investigation,' according to Ikea on its website Wednesday. 'IKEA apologizes for any inconvenience this recall may cause,' it wrote, noting that customer safety is a top priority and all its products are tested and comply with applicable standards and legislation. How to identify affected products The product was sold in Canada with the article numbers 305.781.89 and 201.521.58. In other countries, it was sold under article number 601.636.02. Ikea recall logo marking Ikea recall logo marking The products have date stamps from 2411 to 2522, with the first two digits indicating the year and the last two digits being the week of the year. Carroll said the article number and date stamp would be found on the original packaging, or the affected products can be identified by a marking on the upper handle. How many products are affected? Ikea reported that 10,712 affected products were sold in Canada, according to Health Canada's advisory online about the recall. It said they were sold from April 2024 to May 2025. Ikea has received no reports of incidents or injuries in Canada as of June 9, according to the recall. Globally, the company received three reports of incidents involving minor hand injuries, such as a scratch or a splinter. Ikea advises customers to spread the word about the recall, particularly if they know whether it was lent or sold to someone else. 'Please note that the Canada Consumer Product Safety Act prohibits recalled products from being redistributed, sold or even given away in Canada,' Health Canada added. Health Canada encourages customers to report any health and safety incidents related to using this product or any other items by filling out the Consumer Product Incident Report Form. Where to get more information Not sure whether you have an affected product? If that's the case, Ikea says you can still return any black 365+ Vardefull garlic press and get a refund. Visit or phone IKEA toll-free at 1-800-661-9807 for more information.
Globe and Mail
3 hours ago
- Globe and Mail
Alberta Premier grilled on province's coal policy at rowdy, angry town hall
Alberta Premier Danielle Smith and three of her ministers got an earful on Wednesday night from southern Alberta locals at a rowdy, hours-long town hall to discuss the province's coal policy. About 500 people, dressed in cowboy hats, belt buckles, and jeans, packed a community hall in Fort Macleod, Alta., for an event marked by heckling, competing applause and placards. 'If we are not prepared to look and find middle-ground solutions to allow for industries to proceed while reducing our environmental footprint, you're going to find that different industries become the next on the hit list,' Smith said through a chorus of protesting voices and verbal jabs. 'Banning industries is just not something we are going to do.' The premier and her ministers of energy, environment and agriculture took questions and were shouted down on several occasions by attendees as they defended changes to the province's coal policy. Many in the crowd held small placards reading 'lie' and 'false,' raising them each time they disagreed with a statement. There was a notable group that came in support of the province's coal policy, frequently applauding the ministers and shooting back at other crowd members. Many attendees carried notebooks and pens, keenly taking notes throughout. The town hall came weeks after the Alberta Energy Regulator, or AER, granted an Australia-based coal company permission to start a controversial coal exploration on the eastern slopes of the Rocky Mountains. Northback Holding Corp.'s project at Grassy Mountain was initially rejected in 2021 when a panel ruled that the likely environmental effects on fish and water quality outweighed the potential economic benefits. Alberta regulator approves controversial coal exploration applications at Grassy Mountain Late last year, the project was exempted from the Alberta government's decision to ban open-pit coal mines because Northback's application was considered an 'advanced' proposal. The issue has been polarizing in southern Alberta, where the debate has primarily revolved around the economic implications of development against environmental effects. A non-binding referendum in Crowsnest Pass saw 70 per cent of voters saying they'd support the nearby coal project. Despite frequent pushback over the two-and-a-half-hour event, Smith rarely chose to get into back-and-forth discussions with attendees. She defended the province's approach to coal developments, pitching responsible development that prioritizes environmental standards. Smith also frequently cited a lawsuit by five coal companies that say they're owed $15 billion by the province in lost revenues and sunk costs. She argued again on Wednesday that she had taxpayers in mind when the province lifted its moratorium on coal mining and development on the eastern slopes. 'If we do nothing, then we are told we'll likely lose those cases and have to pay ($15 billion).' An energetic Brian Jean, the province's energy minister, frequently challenged the boisterous crowd and at times trotted offstage to hand his business card to those asking questions. 'I live in the oilsands. You can't tell me what I'm concerned about and what I'm not concerned about. I'm very concerned about our earth and our planet,' he said. Coal mines on Alberta's eastern slopes are poisoning fish populations, study says Several questions returned to a new study by Alberta government scientists, yet to be peer reviewed, which recently said old coal mines on the eastern slopes are poisoning fish and any further coal mining there would result in 'population collapse' of fish species in a nearby lake. Asked about the report, Environment Minister Rebecca Schulz said the province is looking into the issue and is waiting for it to be confirmed by the peer-review process. She said further studies to be released later this year are being conducted. 'We want to understand what is happening there so that we can prevent that from happening in the future.' The premier also jousted with protesters while speaking to reporters before the town hall. When a group gathered behind her and started yelling, she turned around and asked them to let her finish the interview. 'I'm looking for a little bit of courtesy,' she said. The event was scheduled to last two hours, but Smith asked to take questions for an extra 30 minutes after the clock had run out.
Cision Canada
3 hours ago
- Cision Canada
Canada risks missing out on billions in critical mineral investment without swift policy changes: report
Governments can attract investment, accelerate development, and capture opportunities arising from the global energy transition by sharing financial risks while upholding Indigenous rights and environmental protections OTTAWA, ON, June 12, 2025 /CNW/ - New research from the Canadian Climate Institute finds governments should act swiftly to de-risk critical minerals investment and accelerate project timelines—without cutting corners on Indigenous rights and environmental protections—to avoid missing out on a multi-billion dollar economic opportunity. Six priority critical minerals—copper, nickel, lithium, graphite, cobalt, and rare earth elements—form the building blocks of clean technologies like renewable energy and electric vehicles, among others. Canada's current production levels have barely scratched the surface of existing reserves, and demand is growing for these minerals that are essential to enhancing Canada's energy security and enabling the global transition to clean technologies. A report published today by the Canadian Climate Institute, Critical Path: Securing Canada's place in the global critical minerals race, finds that investment in these six priority critical minerals in Canada would have to grow substantially to keep pace with domestic and global demand. In fact, by 2040, Canada risks losing out on $12 billion a year in critical minerals production unless mining ramps up to meet demand from domestic industry alone. Amid increased competition for critical minerals, geopolitical turmoil, and rapidly evolving trade relationships, new investment of $30 billion would have to flow into Canada over the next 15 years to fully meet domestic critical minerals potential. To meet the growth in global demand—which is expected to double by 2040—investment in Canadian critical minerals would have to increase to $65 billion in that time frame. Yet investment into critical mineral projects hinges on expectations about future market prices—some of which are extremely volatile and can be overly affected by the actions of a few powerful players. To give investors more certainty, governments should act swiftly to share risks through targeted policies and programs, such as equity investments, offtake agreements, or contracts for difference. The report underscores that successful critical mineral projects require strong partnerships with Indigenous nations and communities, ongoing respect and recognition of Indigenous rights and self-determination, and robust environmental protections. It recommends governments streamline and accelerate project review processes by reducing inefficiencies, but warns that cutting corners when it comes to Indigenous rights and protecting the environment has been proven to backfire and lead to further delays. Specifically, the report recommends the federal, provincial, and territorial governments de-risk critical mineral mining projects by: Developing agreements between government and private companies to share the financial risk of investment in critical mineral projects. Providing more funding for Indigenous communities to participate and partner on mining projects and enhance access to capital for ownership opportunities. Strengthening mining regulations to reduce environmental risks and liabilities for communities that build on existing voluntary standards. Improving the efficiency of project reviews and decision making processes across multiple jurisdictions, without cutting back environmental safeguards or Indigenous consultation. The Climate Institute also commissioned three companion papers exploring related topics, including: Indigenous participation in the critical minerals sector, the emissions impact of ramping up critical minerals mining in Canada, and measures to reduce the environmental risks of increased mining activities. QUOTES "Critical minerals represent a multi-billion dollar opportunity for Canada in a global energy transition that continues to pick up pace. But Canada's critical minerals sector is struggling to attract enough investment to keep up with demand. As competition heats up and trade relationships evolve, Canadian governments should make haste to adopt policies to unlock private investment and bring resources to market faster—all while forming respectful partnerships with Indigenous communities and reducing environmental risks." — Rick Smith, President, Canadian Climate Institute "Securing Canada's place in the global critical minerals race requires swift action to unlock public and private investment that can power Canada's energy transition with the building blocks of clean technologies. Our Critical Path report offers a clear blueprint for the steps governments can take to seize this opportunity." — Marisa Beck, Director, Clean Growth, Canadian Climate Institute "All clean growth projects will be built on treaty lands, land claim areas, traditional territories, or within close proximity to an Indigenous community. This unique moment in time can affirm Indigenous rights to land and self-determination and encourage meaningful partnership between Indigenous nations, industry, and government. The Canadian Climate Institute's report provides a clear path on how Canada can grow its critical minerals sector in full partnership with Indigenous Peoples." — JP Gladu, Founder and Principal, Mokwateh "Canada has an opportunity to lead the transition to cleaner energy sources, but seizing that opportunity requires accelerating the development of a secure and circular domestic value chain for Canada's battery industry, from mine to market to recovery. Investing in Canadian critical minerals mining and processing will create jobs, grow the economy, and ensure Canada secures its place as a global leader in the battery value chain." — Sean de Vries, Executive Director, Battery Metals Association of Canada "Canada has a significant opportunity at hand to develop our critical mineral reserves, which among other imperatives are critical for a lower-emissions economy. This report clearly demonstrates the importance of making it easier for mining projects to secure financing to make this happen. By deploying loan guarantees and other financial risk-sharing instruments to de-risk projects, federal and provincial governments in Canada can crowd-in private capital, and keep projects on track despite market uncertainty." — , Senior Vice President, Office of the CEO, Royal Bank of Canada CONTACTS Claudine Brulé (Eastern Time) Lead, Communications and External Affairs Canadian Climate Institute (226) 212-9883 Krystal Northey (Pacific Time) Public Affairs Lead Canadian Climate Institute (226) 212-9883 About the Canadian Climate Institute The Canadian Climate Institute is Canada's leading climate change policy research organization. The Institute produces rigorous analysis, economic modelling, and in-depth research focused on incentivizing clean economic growth and low-carbon competitiveness, reducing emissions and accelerating Canada's net zero energy transition, and making our economy and infrastructure more resilient to a warming climate.
