Birks Group—the Canadian retailer once known as Birks & Mayors—has completed the previously announced sale of its Mayor’s subsidiary to U.K. retailer Aurum Holdings.
The 17-store chain, which includes a Rolex boutique, sold for $108 million.
Brian Duffy, CEO of Aurum Holdings, said in a statement, “This announcement follows our announcement to open a flagship Watches of Switzerland store in Hudson Yards NYC and confirms the ambition of our group to be an important part of the Swiss watch market in the United States.”
Proceeds from the sale were used to pay down Birks Group’s outstanding debt.
As part of the agreement between Birks and Aurum, the Birks collections will be sold at Mayors as well as at a dozen Aurum stores in the United Kingdom.
(Photo courtesy of Mayors)