Major financial restructuring planned at Birks Group
Fresh from reporting encouraging financial results for its 2026 fiscal year, Canadian jeweller Birks Group has announced a financial restructuring.
It plans to voluntarily delist its Class A shares from the NYSE American stock exchange and move to the OTCQB market.
The timing of the transition — it filed a Form 25 with the SEC on August 17 — means it can leave before an August 25 deadline to resolve non-compliance issues related to sustained losses and negative shareholders’ equity.
Retail operations, stores, customer orders, and staffing remain unaffected, and the company has completed major financing agreements to relieve short-term refinancing pressures. These include a five-year loan of $32.5 million with Gordon Brothers, the extension of a $3.75 million loan from controlling shareholder Mangrove Holding, and the expansion of its revolving facility with Wells Fargo Canada to $93 million.
With interest and financing expenses reaching approximately $8.8 million, the recent financial results for FY26 showing net sales up +15.5% to CA$205.4 million, and net losses down -73% from CA$12.8 million in fiscal year 2025 to CA$3.4 million in 2026.
