Latest news with #Birks-branded
Fashion Network
a day ago
- Business
- Fashion Network
Birks secures financing for jewelry store acquisition
Canadian luxury jewelry retailer Birks has secured up to $17.25 million in new capital to support a strategic acquisition of jewelry stores and to reinforce its working capital position. In a statement released on Monday, Birks confirmed it has entered into a commitment letter with SLR Credit Solutions, one of its current senior lenders, for an incremental term loan of $13.5 million. Likewise, Mangrove Holding S.A., one of Birks' controlling shareholders, has agreed to provide an additional $3.75 million in subordinated debt financing. Proceeds from the incremental loan are expected to finance both a share purchase agreement to acquire jewelry stores in a Canadian province where Birks already operates and support ongoing working capital needs. While the company emphasized that there is no guarantee the acquisition or related financing transactions will be completed, it noted that these developments align with its ongoing strategy to grow its footprint and strengthen its financial position. 'Birks 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,' the company stated. Birks currently operates 18 stores under the Maison Birks brand in most major metropolitan markets in Canada. It also runs one Birks-branded store and one TimeVallée location in Montreal, one Brinkhaus store in Calgary, a Graff boutique and a Patek Philippe boutique in Vancouver, and three Breitling boutiques located in Laval, Ottawa, and Toronto.
Fashion Network
a day ago
- Business
- Fashion Network
Birks secures financing for jewelry store acquisition
Canadian luxury jewelry retailer Birks has secured up to $17.25 million in new capital to support a strategic acquisition of jewelry stores and to reinforce its working capital position. In a statement released on Monday, Birks confirmed it has entered into a commitment letter with SLR Credit Solutions, one of its current senior lenders, for an incremental term loan of $13.5 million. Likewise, Mangrove Holding S.A., one of Birks' controlling shareholders, has agreed to provide an additional $3.75 million in subordinated debt financing. Proceeds from the incremental loan are expected to finance both a share purchase agreement to acquire jewelry stores in a Canadian province where Birks already operates and support ongoing working capital needs. While the company emphasized that there is no guarantee the acquisition or related financing transactions will be completed, it noted that these developments align with its ongoing strategy to grow its footprint and strengthen its financial position. 'Birks 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,' the company stated. Birks currently operates 18 stores under the Maison Birks brand in most major metropolitan markets in Canada. It also runs one Birks-branded store and one TimeVallée location in Montreal, one Brinkhaus store in Calgary, a Graff boutique and a Patek Philippe boutique in Vancouver, and three Breitling boutiques located in Laval, Ottawa, and Toronto.
Fashion Network
a day ago
- Business
- Fashion Network
Birks secures financing for jewelry store acquisition
Canadian luxury jewelry retailer Birks has secured up to $17.25 million in new capital to support a strategic acquisition of jewelry stores and to reinforce its working capital position. In a statement released on Monday, Birks confirmed it has entered into a commitment letter with SLR Credit Solutions, one of its current senior lenders, for an incremental term loan of $13.5 million. Likewise, Mangrove Holding S.A., one of Birks' controlling shareholders, has agreed to provide an additional $3.75 million in subordinated debt financing. Proceeds from the incremental loan are expected to finance both a share purchase agreement to acquire jewelry stores in a Canadian province where Birks already operates and support ongoing working capital needs. While the company emphasized that there is no guarantee the acquisition or related financing transactions will be completed, it noted that these developments align with its ongoing strategy to grow its footprint and strengthen its financial position. 'Birks 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,' the company stated. Birks currently operates 18 stores under the Maison Birks brand in most major metropolitan markets in Canada. It also runs one Birks-branded store and one TimeVallée location in Montreal, one Brinkhaus store in Calgary, a Graff boutique and a Patek Philippe boutique in Vancouver, and three Breitling boutiques located in Laval, Ottawa, and Toronto.
