Mayor’s Jewelers’ attempt to sell a majority stake to a Montreal jewelry chain has ended.
Henry Birks & Sons Holdings last month agreed to acquire a nearly two-thirds stake in Mayor’s for $11.5 million. But on Monday, the Sunrise, Fla.-based company issued a statement saying both parties agreed to let the transaction expire. The two companies originally had set a deadline of June 7 but extended it by two weeks.
In the statement, Mayor’s gave no reason for why the transaction didn’t close. However, the company noted that both parties “hope to continue intensive work on the definitive agreements.”
Meanwhile, Mayor’s said in the statement that it would entertain other offers.
“While it is regrettable that we could not complete the definitive agreements by the deadline, the expiration of the agreement gives Mayor’s the flexibility to explore other opportunities while continuing to work closely with Birks,” David Boudreau, chief financial officer of Mayor’s, said in the statement.