Birks Group has sold its U.S. secondary company, Mayors Jewelers Inc., to U.K. retailer Aurum Holdings Ltd for $104.6 million. The Montreal designer and jewellery manufacturer has signed a five-year contract with the U.K. retailer to sell Birks’ products in the U.K. In addition, Mayors stores in Florida and Georgia will continue to sell Birks’ fine jewellery.
“This transaction is a significant step in our efforts to strengthen our balance sheet to better position the company for growth as well as long-term shareholder value,” shares the president and CEO of Birks Group Jean-Christophe Bédos.
“We believe that monetizing the value of Mayors gives us the ability to execute our strategic vision of investing in the Birks brand together with the retailing of internationally renowned jewellery and timepiece brands in Canada, thus transforming Birks into a global, omni-channel business,” adds Bédos.
Through this agreement, Birks hopes to invest their earnings in new stores and flagship stores in Canada.
