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Birks & Mayors Changes Name, Ticker Symbol

Oct 1, 2013 4:35 PM   By Jeff Miller
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RAPAPORT... Birks & Mayors Inc. changed its corporate name to Birks Group Inc. today and its ticker symbol became ''BGI'' on the New York Stock Exchange (NYSE MKT). The change better represented the jeweler's corporate structure as the companies forming part of the Birks Group carry on business under the retail brands of “Maison Birks” in Canada, “Brinkhaus” in Vancouver, British Columbia and Calgary, Alberta and “Mayors” in Florida and Georgia, according to the company.

Jean-Christophe Bédos, the company’s president and CEO, said, “Signage reflecting this new trade name will be changed at our current retail stores over time, while signage at our new stores already reflects this change.”

In September, Birks Group entered into a $5 million secured term loan agreement with Investissement Québec to provide additional working capital, while the retailer continues its remodeling and rebranding of its stores in Canada. The loan bears interest at a rate of Canadian prime plus 7 percent and is repayable in 60 equal monthly installments beginning in September 2014.

Mike Rabinovitch, the company’s chief financial officer, said,  “The capital raised and the loan from Investissement Québec represent the final pieces of the company’s efforts this summer to increase liquidity by $20 million, without a material increase in borrowing costs. These resources provide the company the necessary liquidity to pursue its growth and rebranding strategies aimed at elevating our customers’ in-store experience to be consistent with an international luxury brand.”

Tags: birks, credit, Jeff Miller, loan, mayors, ticker symbol
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