Leading Canadian jeweller Birks Group Inc. has received a notice from the New York Stock Exchange (NYSE) American LLC on 7th August, 2020 that the company was not in compliance with the continued listing standards. A company faces delisting from the small cap equity market, if it has stockholders’ equity of less than US$4.0 million and has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years, despite reporting a profit in two of those years.
Birks reported stockholders’ equity of US$2.5 million as of its fiscal year that ended 28th March, 2020, and has reported losses from continuing operations in each of its last four most recent fiscal years. As a result, Birks has become subject to delisting procedures and must submit a plan to regain compliance to NYSE American by 6th September, 2020.
Birks operates 27 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Calgary under the Brinkhaus brand and two retail locations in Vancouver under the Graff and Patek Philippe brands.
Credit: Birks Group Inc.