Brief: Birks Group Announces Actions To Address Financial Impacts Of Covid-19

Birks

21/04/2020 02:41

April 20 (Reuters) - Birks Group Inc  BGI.A :
    * BIRKS GROUP ANNOUNCES ACTIONS TO ADDRESS FINANCIAL IMPACTS
OF
COVID-19
    * BIRKS GROUP - PANDEMIC HAS ADVERSELY IMPACTED, IS EXPECTED
TO
CONTINUE TO IMPACT, CO'S OPERATIONS FOR AT LEAST AS LONG AS
STORES REMAIN CLOSED
    * STORES WILL REMAIN CLOSED UNTIL FURTHER NOTICE IN
ACCORDANCE
WITH GOVERNMENT DIRECTIVES
    * COMPANY HAS TEMPORARILY LAID OFF OVER 80% OF ITS EMPLOYEES
WITHOUT PAY
    * IMPLEMENTED TEMPORARY BASE SALARY REDUCTIONS OF 20% FOR
ITS
EXECUTIVE OFFICERS
    * REDUCED ITS WORKWEEK BY 20% FOR MOST OF THOSE EMPLOYEES
WHO
REMAIN ACTIVE
    * COMPANY WILL CONTINUE TO PROVIDE HEALTH BENEFITS TO ITS
EMPLOYEES WHO HAVE BEEN TEMPORARILY LAID OFF
    * BOARD OF DIRECTORS HAS ALSO TEMPORARILY REDUCED ITS
COMPENSATION
BY 20%
    * TAKEN ACTIONS TO REDUCE ITS MARKETING EXPENSES BY
APPROXIMATELY
57% FOR Q1 OF FISCAL YEAR 2021
    * POSTPONED OVER $2.4 MILLION OF CAPITAL EXPENDITURES
THROUGH Q1
OF FISCAL YEAR 2021

Source text for Eikon:  ID:nBw696FWna 
Further company coverage:  BGI.A 

 ((Reuters.Briefs@thomsonreuters.com;))