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MONTREAL - Birks Group Inc. (NYSE American: BGI), a prominent Canadian jeweler with a market capitalization of $17.8 million, reported on Friday that it has received approval from the NYSE American for its compliance plan. This acceptance allows Birks to maintain its listing on the exchange until August 25, 2026, provided it meets certain conditions.
The company, which operates several luxury jewelry and timepiece retail locations across Canada generating annual revenues of $131.4 million, had been previously informed of its non-compliance with the NYSE American’s listing standards on February 25, 2025. According to InvestingPro data, the company faces significant financial challenges with a weak overall financial health score. In response, Birks submitted a plan on March 27, 2025, detailing how it intended to return to compliance with the exchange’s requirements.
NYSE American’s acceptance of the plan on May 13, 2025, grants Birks an extension period to meet the listing standards. During this time, the company will undergo periodic reviews by the exchange to ensure progress in line with the submitted compliance plan. Failure to achieve compliance or to make consistent progress may result in delisting procedures.
This development does not impact Birks Group’s business operations, financial status, or liquidity, nor does it affect its SEC reporting obligations. The company’s Class A voting shares will continue trading under the ticker symbol BGI during the extension period. The stock has experienced significant pressure, declining over 63% in the past year, with InvestingPro analysis suggesting current undervaluation. Discover 10 more exclusive ProTips and comprehensive financial metrics with an InvestingPro subscription.
The news comes amidst a backdrop of challenges faced by the luxury retail sector, including fluctuating consumer spending and economic conditions. Birks Group, with a history dating back to 1879, has navigated these challenges while maintaining its position in the Canadian luxury market, though financial metrics reveal a concerning current ratio of 0.86 and significant debt burden. For deeper insights into the company’s financial health and future prospects, visit InvestingPro.
The acceptance of the compliance plan by NYSE American is based on a press release statement from Birks Group Inc. and does not imply any endorsement of the company’s future performance or business strategy. The company’s forward-looking statements indicate various risks and uncertainties that could affect actual results, and there is no guarantee that the company will meet the projections stated in these statements.
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