Toronto’s Henry Birks Jewelers is formally merging with its subsidiary Mayor’s Jewelers to form a new chain.
Birks will take Mayor’s place on the American Stock Exchange, trading under the symbol BMJ. Each outstanding share of Mayor’s common stock not currently owned by Birks will be converted into a Birks share.
The merger still needs the approval of Mayor’s stockholders and the Securities and Exchange Commission.
“This transaction will allow us to fully integrate Mayor’s and Birks into a single retailer with two strong brands,” said Tom Andruskevich, chief executive officer of both Birks and Mayor’s.
Birks operates 38 stores in Canada, while Mayor’s has 28 stores in Florida and Georgia. Birks currently owns 70 percent of Mayor’s.