Birks Group secures $33-million loan

by eyetee | December 23, 2014 4:59 pm

[1]Birks Group has received a $33-million loan from Crystal Financial that it will use to open new stores, remodel existing ones, and launch new product offerings.

“This transaction represents the second time our company has worked with the principals at Crystal as a critical partner to our financial success,” said Jean-Christophe Bédos, president and chief executive officer (CEO) of Birks Group.

“Not only does Crystal have an in-depth understanding of our business and the retail industry in general, but Crystal worked collaboratively with our existing asset-based lender and provided a differentiated solution.”

Crystal Financial is an independent commercial finance company. The loan matures in August 2018.

“Birks Group has a long history of offering its customers unique, luxury products and exceptional service and we are delighted to have the opportunity to partner with the company,” said Rebecca Tarby, managing director at Crystal.

“The management team has demonstrated a commitment to enhancing the company’s performance and we look forward to working with them as they achieve their goals.”

Birks Group operates 28 stores throughout Canada under the Birks brand, 18 stores under the Mayors brand located in the southeastern United States, one store under the Rolex brand, and two retail locations in Western Canada under the Brinkhaus brand.

Source URL: https://www.jewellerybusiness.com/news/birks-group-secures-33-million-loan/

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