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Birks Sells Mayor’s to UK Group for $105M

Aug 13, 2017 7:13 AM   By Rapaport News
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Birks Group has agreed to sell Mayor’s Jewelers to Aurum Holdings, the UK’s largest fine watch and jewelry retailer, for $104.6 million.

Birks expects to complete the sale of the subsidiary this fall, with the deal subject to closing conditions and adjustments to the purchase price, the Canada-based jeweler said Friday.

“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,” said Birks CEO Jean-Christophe Bédos.

Birks will use proceeds from the deal to continue its growth plans and invest in its Canadian flagship stores and new store concepts, as well as in its wholesale and e-commerce businesses. It will also use the cash to pay off certain debts, the company said.

“We believe that monetizing the value of Mayor’s gives us the ability to execute our strategic vision of investing in the Birks brand together with the retailing of internationally renowned jewelry and timepiece brands in Canada, thus transforming Birks into a global, omnichannel business,” added Bédos.

Under the deal, jewelry collections with the Birks brand will become available in the UK at Aurum-owned jewelry chains Mappin & Webb and Goldsmiths through a distribution agreement. Mayor’s will also continue to sell Birks products at its US stores in Florida and Georgia.
Tags: birks group, Canada, Mayor's, Mayor's Jewelers, Rapaport News, retail, UK
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