Cover Page
Cover Page | 12 Months Ended |
Mar. 27, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 27, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Trading Symbol | BGI |
Entity Registrant Name | BIRKS GROUP INC. |
Entity Central Index Key | 0001179821 |
Current Fiscal Year End Date | --03-27 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Class A Voting Shares |
Security Exchange Name | NYSE |
Entity Address, Country | CA |
ICFR Auditor Attestation Flag | false |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 10,610,973 |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,717,970 |
Series A Preferred Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,807 | $ 565 |
Accounts receivable and other receivables | 7,307 | 6,019 |
Inventories | 97,789 | 101,899 |
Prepaids and other current assets | 2,044 | 2,007 |
Total current assets | 108,947 | 110,490 |
Long-term receivables | 5,673 | 4,538 |
Property and equipment | 24,496 | 26,613 |
Operating lease right-of-use asset | 57,670 | 64,069 |
Intangible assets and other assets | 4,894 | 4,942 |
Total non-current assets | 92,733 | 100,162 |
Total assets | 201,680 | 210,652 |
Current liabilities: | ||
Bank indebtedness | 53,387 | 58,035 |
Accounts payable | 37,975 | 48,183 |
Accrued liabilities | 11,209 | 4,661 |
Current portion of long-term debt | 2,960 | 64 |
Current portion of operating lease liabilities | 6,298 | 5,823 |
Total current liabilities | 111,829 | 116,766 |
Long-term debt | 23,062 | 16,217 |
Long-term portion of operating lease liabilities | 66,713 | 72,636 |
Other long-term liabilities | 1,498 | 1,623 |
Total long-term liabilities | 91,273 | 90,476 |
Stockholders' equity (deficiency): | ||
Common stock | 95,116 | 93,368 |
Preferred stock – no par value, unlimited shares authorized, none issued | ||
Additional paid-in capital | 18,259 | 19,131 |
Accumulated deficit | (114,700) | (108,862) |
Accumulated other comprehensive loss | (97) | (227) |
Total stockholders' equity (deficiency) | (1,422) | 3,410 |
Total liabilities and stockholders' equity (deficiency) | 201,680 | 210,652 |
Class A Common Stock [Member] | ||
Stockholders' equity (deficiency): | ||
Common stock | 37,361 | 35,613 |
Class B Common Stock [Member] | ||
Stockholders' equity (deficiency): | ||
Common stock | $ 57,755 | $ 57,755 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 27, 2021 | Mar. 28, 2020 |
Common stock, shares outstanding | 18,328,943 | 17,970,881 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares issued | 10,610,973 | 10,252,911 |
Common stock, shares outstanding | 10,610,973 | 10,252,911 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares issued | 7,717,970 | 7,717,970 |
Common stock, shares outstanding | 7,717,970 | 7,717,970 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 143,068 | $ 169,420 | $ 151,049 |
Cost of sales | 86,718 | 104,943 | 92,472 |
Gross profit | 56,350 | 64,477 | 58,577 |
Selling, general and administrative expenses | 53,713 | 65,867 | 67,106 |
Depreciation and amortization | 5,458 | 4,845 | 3,859 |
Impairment of long-lived assets | 309 | 46 | |
Restructuring charges | 0 | 0 | 1,182 |
Total operating expenses | 59,171 | 71,021 | 72,193 |
Operating loss | (2,821) | (6,544) | (13,616) |
Interest and other financial costs | 3,017 | 5,683 | 4,689 |
Loss from continuing operations | (5,838) | (12,227) | (18,305) |
Income taxes (benefits) | 0 | 0 | |
Net loss from continuing operations | (5,838) | (12,227) | (18,305) |
Discontinued operations: | |||
Loss from discontinued operations, net of tax | (552) | (381) | |
Net (loss) income from discontinued operations, net of tax | (552) | (381) | |
Net (loss) income | $ (5,838) | $ (12,779) | $ (18,686) |
Weighted average common shares outstanding: | |||
Basic | 18,005 | 17,968 | 17,961 |
Diluted | 18,005 | 17,968 | 17,961 |
Net (loss) income per common share: | |||
Basic | $ (0.32) | $ (0.71) | $ (1.04) |
Diluted | (0.32) | (0.71) | (1.04) |
Net (loss) from continuing operations per common share: | |||
Basic | (0.32) | (0.68) | (1.02) |
Diluted | $ (0.32) | $ (0.68) | $ (1.02) |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net Loss | $ (5,838) | $ (12,779) | $ (18,686) | |
Other comprehensive (loss) income: Foreign currency translation adjustments | [1] | 130 | (15) | (86) |
Total other comprehensive loss | $ (5,708) | $ (12,794) | $ (18,772) | |
[1] | Item that may be reclassified to the Statement of Operations in future periods. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (deficiency) - USD ($) $ in Thousands | Total | Voting Common Stock Outstanding [Member] | Voting Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Beginning Balance at Mar. 31, 2018 | $ 32,477 | $ 93,348 | $ 19,042 | $ (79,787) | $ (126) | ||||
Beginning Balance, Shares at Mar. 31, 2018 | 17,960,881 | ||||||||
Net loss | (18,686) | (18,686) | |||||||
Cumulative translation adjustment | (86) | [1] | (86) | [2] | |||||
Total comprehensive loss | (18,772) | ||||||||
Compensation expense resulting from stock options and stock appreciation rights granted to Management | 78 | 78 | |||||||
Ending Balance at Mar. 30, 2019 | $ 13,783 | 93,348 | 19,120 | (98,473) | (212) | ||||
Ending Balance, Shares at Mar. 30, 2019 | 17,960,881 | 17,960,881 | |||||||
Net loss | $ (12,779) | (12,779) | |||||||
Cumulative translation adjustment | (15) | [1] | (15) | [2] | |||||
Total comprehensive loss | (12,794) | ||||||||
Exercise of stock options | $ 10 | 20 | (10) | ||||||
Exercise of stock options, Shares | 10,000 | 10,000 | |||||||
Compensation expense resulting from stock options and stock appreciation rights granted to Management | $ 21 | 21 | |||||||
Cumulative effect of adjustment from adoption Of a new accounting standard | Accounting Standards Update 2016-02 [Member] | [3] | 2,390 | 2,390 | ||||||
Ending Balance at Mar. 28, 2020 | $ 3,410 | 93,368 | 19,131 | (108,862) | (227) | ||||
Ending Balance, Shares at Mar. 28, 2020 | 17,970,881 | 17,970,881 | |||||||
Net loss | $ (5,838) | (5,838) | |||||||
Cumulative translation adjustment | 130 | [1] | 130 | [2] | |||||
Total comprehensive loss | (5,708) | ||||||||
Exercise of stock options | $ 876 | 1,748 | (872) | ||||||
Exercise of stock options, Shares | 226,853 | 358,062 | |||||||
Ending Balance at Mar. 27, 2021 | $ (1,422) | $ 95,116 | $ 18,259 | $ (114,700) | $ (97) | ||||
Ending Balance, Shares at Mar. 27, 2021 | 18,328,943 | 18,328,943 | |||||||
[1] | Item that may be reclassified to the Statement of Operations in future periods. | ||||||||
[2] | The change in cumulative translation adjustments is not due to reclassifications out of accumulated other comprehensive income (loss). | ||||||||
[3] | As described in Note 2 (p). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | ||
Cash flows (used in) from operating activities: | ||||
Net (loss) income attributable to owners of the Company | $ (5,838) | $ (12,779) | $ (18,686) | |
Net (loss) income from discontinued operations | (552) | (381) | ||
Net (loss) income from continuing operations | (5,838) | (12,227) | (18,305) | |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 5,458 | 4,845 | 3,859 | |
Impairment of long-lived assets | 309 | 46 | ||
Net change of operating lease right-of-use assets and liabilities | (816) | 2,297 | ||
Leasehold inducements received | [1] | 1,125 | 583 | |
Operating lease modifications | (482) | |||
Amortization of debt costs | 282 | 288 | 332 | |
Other operating activities, net | (15) | 312 | 364 | |
(Increase) decrease in: | ||||
Accounts receivable, other receivables and long-term receivables | (1,298) | (5,415) | 1,407 | |
Inventories | 4,110 | (10,358) | (6,714) | |
Prepaids and other current assets | (37) | 135 | 2,787 | |
Increase (decrease) in: | ||||
Accounts payable | (10,636) | 18,735 | 5,562 | |
Accrued liabilities and other long-term liabilities | 6,424 | (2,729) | 6,322 | |
Net cash (used in) provided by operating activities from continuing operations | (1,723) | (3,225) | (4,340) | |
Net cash (used in) provided by operating activities from discontinued operations | (552) | (381) | ||
Net cash provided by (used in) operating activities | (1,723) | (3,777) | (4,721) | |
Cash flows (used in) provided by investing activities: | ||||
Additions to property and equipment | (2,976) | (5,832) | (11,580) | |
Additions to intangible assets and other assets | (16) | (600) | (2,031) | |
Net cash used in investing activities from continuing operations | (2,992) | (6,432) | (13,611) | |
Cash flows provided by (used in) financing activities: | ||||
Increase (decrease) in bank indebtedness | (4,820) | 10,842 | 10,096 | |
Increase in long-term debt | 10,000 | 12,500 | ||
Repayment of long-term debt | (831) | (3,121) | ||
Repayment of obligations under finance lease in 2021 and 2020, capital leases in 2019 | (50) | (289) | (269) | |
Payment of loan origination fees and costs | (49) | (591) | ||
Exercise of stock options and warrants | 876 | |||
Other financing activities | (127) | (109) | ||
Net cash provided by (used in) financing activities from continuing operations | 5,957 | 9,595 | 18,506 | |
Net increase (decrease) in cash and cash equivalents | 1,242 | (614) | 174 | |
Cash and cash equivalents, beginning of year | 565 | 1,179 | 1,005 | |
Cash and cash equivalents, end of year | 1,807 | 565 | 1,179 | |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 3,818 | 3,779 | 3,654 | |
Non-cash transactions: | ||||
Property and equipment additions acquired through capital leases | 136 | |||
Property and equipment and intangible assets additions included in accounts payable and accrued liabilities | $ 977 | $ 570 | $ 4,300 | |
[1] | In fiscal 2021, the Company corrected an immaterial error in the comparative 2020 statement of cash flows by presenting the cash received for leasehold inducements as cash flows provided by operating activities, rather than the previous classification of cash flows provided by financing activities. The Company assessed the materiality of this error in accordance with the SEC’s Staff Accounting Bulletin No. 99, Materiality and, based on an analysis of quantitative and qualitative factors, determined that the correction was not material to its consolidated financial statements. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Mar. 27, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | 1. Basis of presentation: These consolidated financial statements, which include the accounts of Birks Group Inc. for all periods presented for the fiscal years ended March 27, 2021, March 28, 2020, and March 30, 2019, are reported in accordance with accounting principles generally accepted in the U.S. These principles require management to make certain estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. The most significant estimates and judgments include the assessment of the going concern assumption, the valuation of inventories, accounts receivable, right-of-use Future operations These financial statements have been prepared on a going concern basis in accordance with generally accepted accounting principles in the U.S. The going concern basis of presentation assumes that the Company will continue its operations for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company funds its operations primarily through committed financing under its senior secured credit facility and its senior secured term loan described in Note 6. The senior secured credit facility along with the senior secured term loan are used to finance working capital, finance capital expenditures, provide liquidity to fund the Company’s day-to-day In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (COVID-19) its e-commerce business gradually re-opened its had re-opened all the COVID-19 pandemic, in-person pick-up) As at June 17, 2021, nine of our ten retail stores in Ontario are closed for in-person As a result of these developments, the Company took action to substantially reduce its operating costs across all areas of the business and to actively manage liquidity. These actions included: the temporary layoff of the majority of our employees without pay during the period of store closures, temporary base salary reductions at the corporate head office including of our executive officers and members of our Board of Directors; certain reductions in marketing expenses, the negotiation of extended credit terms with the majority of our vendors and rent relief with our landlords, and the postponement of capital expenditures through the first three quarters of fiscal year 2021. In addition, the Company has reduced inventory purchases where possible. The Company has also applied for and received $1.4 million of funding from a financial relief program offered by the Federal government, the Canada Emergency Wage Subsidy (“CEWS”) program, which has partially reimbursed payroll expenses for periods in which the Company met the applicable qualification criteria. The Company has determined that it has also qualified for the Canad a The current economic, business and retail climates have significantly changed since March 2020 and as such, the Company cannot predict the degree to, or the time period over which its sales and operations will continue to be affected by the pandemic, changes to consumer behavior and spending as a result of the pandemic, or the materiality of the effects of the pandemic, or the restrictions and impact resulting from the pandemic, on the Company. The Company continues to and expects to continue to operate through its senior secured credit facility. However, COVID-19 has For fiscal 2021, the Company reported a net loss of $5.8 million. The Company reported net losses from continuing operations of $12.2 million and $18.3 million (and consolidated net losses of $12.8 million $18.7 million) for fiscal 2020 and fiscal 2019, respectively. The Company used cash in operating activities from continuing operations of $1.7 million, $3.3 million, and $4.3 million for fiscal 2021, 2020, and 2019, respectively. The Company also had a negative working capital (defined as current assets less current liabilities) as at March 27, 2021 and March 28, 2020. On July 8, 2020, the Company secured a new six term loan with Investissement Québec, the sovereign fund of the province of Québec, in the amount of 10.0 3.14 60 The Company’s ability to meet its cash flow requirements in order to fund its operations is dependent upon its ability to attain profitable operations and/or continued adherence to the terms of its committed financings, obtain favorable payment terms from suppliers, as well as to maintain specified excess availability levels under its senior secured credit facility and its senior secured term loan. The Company is required to adhere to under both its senior secured credit facility and its senior secured term loan a financial covenant that requires that the Company maintain minimum excess availability of not less than $8.5 million at all times, except that the Company shall not be in breach of this covenant if excess availability falls below $8.5 million for not more than two consecutive business days once during any fiscal month. In the event that excess availability falls below the minimum requirement, this would be considered an event of default under the senior secured credit facility and under the senior secured term loan, that would result in the outstanding balances borrowed under the Company’s senior secured credit facility and senior secured term loan becoming due immediately, which would also result in cross defaults on the Company’s other borrowings. Similarly, both the Company’s senior secured revolving credit facility and the senior secured term loan are subject to cross default provisions with all other loans pursuant to which the Company is in default of any other loan, the Company will immediately be in default of both the senior secured revolving credit facility and the senior secured term loan. The Company met its excess availability requirement as of and throughout the year ended March 27, 2021 and as of the date the financial statements were authorized for issuance. In addition, the Company expects to have excess availability of at least $8.5 million for at least the next twelve months from the date of these financial statements. The Company’s ability to make scheduled payments of principal, or to pay interest, or to fund planned capital expenditures and store operations will also depend on its ability to maintain adequate levels of available borrowing, obtain favorable payment terms from suppliers and its future performance, which to a certain extent, is subject to general economic, financial, competitive, legislative and regulatory factors, as well as other events that are beyond the Company’s control. The Company continues to be actively engaged in identifying alternative sources of financing that include raising additional funds through public or private equity, the disposal of assets, and debt financing, including funding from government sources. The incurrence of additional indebtedness would result in increased debt service obligations and could result in operating and financing covenants that could restrict the Company’s operations. Financing may be unavailable in amounts or on terms acceptable to the Company if at all, which may have a material adverse impact on its business, including its ability to continue as a going concern. The Company’s lenders under its senior secured credit facility and its senior secured term loan may impose, at any time, discretionary reserves, which would lower the level of borrowing availability under the Company’s credit facilities (customary for asset-based loans), at their reasonable discretion, to: (i) ensure that the Company maintains adequate liquidity for the operation of its business, (ii) cover any deterioration in the amount of value of the collateral, and (iii) reflect impediments to the lenders to realize upon the collateral. There is no limit to the amount of discretionary reserves that the Company’s lenders may impose at their reasonable discretion. No discretionary reserves were imposed during fiscal 2021, fiscal 2020 and fiscal 2019 by the Company’s current or former lenders. Certain adverse conditions and events outlined above require consideration of management’s plans, which management believes mitigate the effect of such conditions and events. Management plans include continuing to manage liquidity actively which allows for adherence to excess availability requirements, and where necessary cost reductions, which include reducing future purchases, maintaining reduced marketing and general operating expenses, the continued postponement of certain capital expenditures and obtaining favorable payment terms from suppliers. Notwithstanding, the Company believes that it will be able to adequately fund its operations and meet its cash flow requirements for at least the next twelve months from the date of issuance of these financial statements. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies: (a) Revenue recognition: Sales are recognized at the point of sale when merchandise is picked up by the customer or delivered to a customer. Sales to our wholesale customers are recognized when the Company has agreed to terms with its customers, the contractual rights and payment terms have been identified, the contract has commercial substance, it is probable that consideration will be collected by the Company and when control of the goods has been transferred to the customer. Shipping and handling fees billed to customers are included in net sales. Revenues for gift certificate sales and store credits are recognized upon redemption. Prior to recognition as a sale, gift certificates are recorded as accounts payable on the balance sheet. Based on historical redemption rates, the Company estimates the portion of outstanding gift certificates (not subject to unclaimed property laws) that will ultimately not be redeemed and records this amount as breakage income. The Company recognizes such breakage income in proportion to redemption rates of the overall population of gift certificates and store credits. Gift certificates and store credits outstanding and subject to unclaimed property laws are maintained as accrued liabilities until remitted in accordance with local ordinances. Sales of consignment merchandise are recognized at such time as the merchandise is sold, and are recorded on a gross basis because the Company is the primary obligor of the transaction, has general latitude on setting the price, has discretion as to the suppliers, is involved in the selection of the product and has inventory loss risk. Sales are reported net of returns and sales taxes. The Company generally gives its customers the right to return merchandise purchased by them within 10 to 90 days, depending on the product sold and records a provision at the time of sale for the effect of the estimated returns which is determined based on historical experience. Revenues for repair services are recognized when the service is delivered to and accepted by the customer. Licensing fees are recognized when the product is delivered to and accepted by the customer. (b) Cost of sales: Cost of sales includes direct inbound freight and duties, direct labor related to repair services, design and creative costs (labor and overhead) inventory shrink, inventory thefts, and boxes (jewelry, watch and giftware). Indirect freight including inter-store transfers, purchasing and receiving costs, distribution costs and warehousing costs are included in selling, general and administrative expenses. Mark down dollars received from vendors are recorded as a reduction of inventory costs to the specific items to which they apply and are recognized in cost of sales once the items are sold. (c) Cash and cash equivalents: The Company utilizes a cash management system under which a book cash overdraft may exist in its primary disbursement account. These overdrafts, when applicable, represent uncleared checks in excess of cash balances in the bank account at the end of a reporting period and have been reclassified to accounts payable on the consolidated balance sheets. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Amounts receivable from credit card issuers are included in cash and cash equivalents and are typically converted to cash within 2 to 4 days of the original sales transaction. These amounts totaled $1.8 million at March 27, 2021 and $0.6 million at March 28, 2020. (d) Accounts receivable: Accounts receivable arise primarily from customers’ use of our private label and proprietary credit cards and wholesale sales and are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less expected credit losses. Several installment sales plans are offered to our private label credit card holders and proprietary credit card holders which vary as to repayment terms and finance charges. Finance charges on the Company’s consumer credit receivables, when applicable, accrue at rates ranging from 0% to 9.99% per annum for financing plans. The Company maintains allowances for expected credit losses associated with the accounts receivable recorded on the balance sheet for estimated losses resulting from the inability of its customers to make required payments. The allowance for credit losses is an estimate of expected credit losses, measured on a collective basis over the estimated life of the Company’s customer in-house receivables write-off The Company classifies a receivable account as past due if a required payment amount has not been received within the allotted time frame (generally 30 days), after which internal collection efforts commence. Once all internal collection efforts have been exhausted and management has reviewed the account, the account is sent for external collection or legal action. Upon the suspension of the accrual of interest, interest income is recognized to the extent cash payments received exceed the balance of the principal amount owed on the account. After all collection efforts have been exhausted, including internal and external collection efforts, an account is written off. The Company guarantees a portion of its private label credit card sales to its credit card vendor. The Company maintains a liability associated with these outstanding amounts. Similar to the allowance for expected credit losses, the liability related to these guaranteed sales amounts are based on a combination of factors including the length of time the receivables are past due to the Company’s credit card vendor, the Company’s knowledge of the customer, economic and market conditions and historical write-off The allowance for credit losses includes an estimate for uncollectible principal as well as unpaid interest. Accrued interest is included within the same line item as the respective principal amount of the customer in-house receivables and written-off. Accrued (e) Inventories: Finished goods inventories and inventories of raw materials are valued at the lower of average cost (which includes material, labor and overhead costs) or net realizable value, which is the estimated selling price in the ordinary course of business. The Company records inventory reserves for lower of cost or net realizable value, which includes slow-moving finished goods inventory, and damaged goods, and shrink. The cost of inbound freight and duties are included in the carrying value of the inventories. The reserve for slow-moving finished goods inventories is equal to the difference between the cost of inventories and the estimated selling prices, resulting in the expected gross margin. There is estimation uncertainty in relation to the identification of slow-moving finished goods inventories which are based on certain criteria established by the Company. The criteria includes operational decisions by management to discontinue ordering the inventories based on sales trends, market conditions, and the aging of the inventories. Estimation uncertainty also exists in determining the expected selling prices and associated gross margins through normal sales channels, which are based on assumptions about future demand and market conditions for those slow-moving inventories. If actual market conditions are less favorable than those projected by management, additional inventory reserves may be required. The reserve for inventory shrink is estimated for the period from the last physical inventory date to the end of the reporting period on a store by store basis and at our distribution centers. The shrink rate from the most recent physical inventory, in combination with historical experience, is the basis for providing a shrink reserve. (f) Property and equipment: Property and equipment are recorded at cost less any impairment charges. Maintenance and repair costs are charged to selling, general and administrative expenses as incurred, while expenditures for major renewals and improvements are capitalized. Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets as follows: Asset Period Leasehold improvements Lesser of term of the lease or the economic life Software and electronic equipment 1 - 6 years Furniture and fixtures 5 - 8 years Equipment 3 - 8 years (g) Intangible assets and other assets: Eligible costs incurred during the development stage of information systems projects are capitalized and amortized over the estimated useful life of the related project and presented as part of intangible assets and other assets on the Company’s balance sheet. Eligible costs include those related to the purchase, development, and installation of the related software. Intangible assets and other assets also consist of trademarks and tradenames, which are amortized using the straight-line method over a period of 15 to 20 years. The Company had $5.9 million and $5.8 million of intangible assets at cost as at March 27, 2021 and March 28, 2020, respectively. The Company had $1.0 million and $0.9 million of accumulated amortization of intangibles at March 27, 2021 and March 28, 2020, respectively. (h) Leases: In February 2017, the FASB issued ASU 2017-02 right-of-use non-lease The adoption of ASU 2017-02 • The establishment of an operating lease liability of $76.8 million and a corresponding operating lease right-of-use • The reclassification of existing deferred lease inducements balance of $6.8 million and deferred straight-line rent of $4.3 million from Other long-term liabilities to Operating lease right-of-use • The reclassification of deferred gains on sale-leasebacks of $2.4 million previously recorded in other long-term liabilities, to opening retained earnings. We determine if an arrangement is a lease at inception. The amounts of the Company’s operating lease right-of-use ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments in order to measure its lease liabilities at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company leases office, distribution, and retail facilities. Certain retail store leases may require the payment of minimum rentals and contingent rent based on a percentage of sales exceeding a stipulated amount. The Company’s lease agreements expire at various dates through 2034, are subject, in many cases, to renewal options and provide for the payment of taxes, insurance and maintenance. Certain leases contain escalation clauses resulting from the pass through of increases in operating costs, property taxes and the effect on costs from changes in consumer price indices, which are considered as variable costs. The Company determines its lease payments based on predetermined rent escalations, rent-free periods and other incentives. The Company recognizes lease expense on a straight-line basis over the related terms of such leases, including any rent-free period and beginning from when the Company takes possession of the leased facility. Variable operating lease expenses, including contingent rent based on a percentage of sales, CAM charges, rent related taxes, mall advertising and adjustments to consumer price indices, are recorded in the period such amounts and adjustments are determined. Lease expense is recorded within selling, general and administrative expenses in the statement of operations. Lease arrangements occasionally include renewal options. The Company uses judgment when assessing the renewal options in the leases and assesses whether or not it is reasonably certain to exercise these renewal options if they are within the control of the Company. Any renewal options not reasonably certain to be exercised are excluded from the lease term. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. ROU assets, as part of the group of assets, are periodically reviewed for impairment. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, (i) Deferred financing costs: The Company amortizes deferred financing costs incurred in connection with its financing agreements using the effective interest method over the term of the related financing. Such deferred costs are presented as a reduction to bank indebtedness and long-term debt in the accompanying consolidated balance sheets. (j) Warranty accrual: The Company provides warranties on its Bijoux Birks branded jewelry and watches for periods extending up to five years and has a battery replacement policy for its Bijoux Birks branded watches. The Company accrues a liability based on its historical repair costs for such warranties. (k) Income taxes: Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial statement reporting purposes and the bases for income tax purposes, and (b) operating losses and tax credit carryforwards. Deferred income tax assets are evaluated and, if realization is not considered to be more-likely-than-not, (l) Foreign exchange: Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange in effect at the balance sheet date. Non-monetary 1.2 0.1 0.5 0.3 (m) Impairment of long-lived assets: The Company periodically reviews the estimated useful lives of its depreciable assets and changes in useful lives are made on a prospective basis unless factors indicate the carrying amounts of the assets may not be recoverable and an impairment write-down is necessary. However, the Company will review its long-lived assets for impairment once events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized when the estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition is less than its carrying value. Measurement of an impairment loss for such long-lived assets would be based on the difference between the carrying value and the fair value of the asset, with fair value being determined based upon discounted cash flows or appraised values, depending on the nature of the asset. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. The Company recorded non-cash (n) Advertising and marketing costs: Advertising and marketing costs are generally charged to expense as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations. The Company and its vendors participate in cooperative advertising programs in which the vendors reimburse the Company for a portion of certain specific advertising costs which are netted against advertising expense in selling, general and administrative expenses, and amounted to $0.7 million, $1.1 million, and $1.0 million for each of the years ended March 27, 2021, March 28, 2020, and March 30, 2019, respectively. Advertising and marketing expense, net of vendor cooperative advertising allowances, amounted to $6.5 million, $7.5 million, and $8.7 million, in the years ended March 27, 2021, March 28, 2020, and March 30, 2019, respectively. (o) Government grants: The Company recognizes a government grant when there is reasonable assurance that it will comply with the conditions required to qualify for the grant, and that the grant will be received. The Company recognizes government grants as a reduction to the expense that the grant is intended to offset. (p) Earnings per common share: Basic earnings per share (“EPS”) is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the dilutive effect of the assumed exercise of stock options and warrants. The following table sets forth the computation of basic and diluted (loss) earnings per common share for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands, except per share data) Basic (loss) income per common share computation: Numerator: Net (loss) income $ (5,838 ) $ (12,779 ) $ (18,686 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 (Loss) income per common share $ (0.32 ) $ (0.71 ) $ (1.04 ) Diluted (loss) income per common share computation: Numerator: Net (loss) income $ (5,838 ) $ (12,779 ) $ (18,686 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Dilutive effect of stock options and warrants — — — Weighted-average common shares outstanding – diluted 18,005 17,968 17,961 Diluted (loss) income per common share $ (0.32 ) $ (0.71 ) $ (1.04 ) The following table sets forth the computation of basic and diluted (loss) earnings from continuing operations per common share for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands, except per share data) Basic (loss) from continuing operations per common share computation: Numerator: Net loss from continuing operations $ (5,838 ) $ (12,227 ) $ (18,305 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Loss from continuing operations per common share $ (0.32 ) $ (0.68 ) $ (1.02 ) Diluted income per common share computation: Numerator: Net loss from continuing operations $ (5,838 ) $ (12,227 ) $ (18,305 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Dilutive effect of stock options and warrants — — — Weighted-average common shares outstanding – diluted 18,005 17,968 17,961 Diluted loss from continuing operations per common share $ (0.32 ) $ (0.68 ) $ (1.02 ) For the year ended March 27, 2021, the effect from the assumed exercise of nil Class A voting shares underlying outstanding stock options and 10,932 Class A voting shares underlying outstanding warrants was excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 28, 2020, the effect from the assumed exercise of 704,818 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants was excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 30, 2019, the effect from the assumed exercise of 288,000 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants was excluded from the computation of diluted earnings per share due to their antidilutive effect. Recent Accounting Pronouncements adopted during the year: In June 2016, the FASB issued ASU 2016-13 — Financial Instruments — Credit Losses (Topic 326) In August 2018, the FASB issued ASU 2018-15 —Intangibles—Goodwill and Other—Internal-Use 2018-15 internal-use Recent Accounting Pronouncements not yet adopted: In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Accounts receivable and other r
Accounts receivable and other receivables | 12 Months Ended |
Mar. 27, 2021 | |
Receivables [Abstract] | |
Accounts receivable and other receivables | 3. Accounts receivable and other receivables: Accounts receivable, net of allowance for credit losses, at March 27, 2021 and March 28, 2020 consist of the following: As of March 27, 2021 March 28, 2020 (In thousands) Customer trade receivables $ 3,055 $ 4,119 Other receivables 4,253 1,900 $ 7,307 $ 6,019 Continuity of the allowance for doubtful accounts is as follows (in thousands): Balance March 31, 2018 $ 513 Provision for credit losses 170 Net write offs (249 ) Balance March 30, 2019 434 Provision for credit losses 857 Net write offs (326 ) Balance March 28, 2020 $ 965 Provision for credit losses 546 Net write offs (262 ) Balance March 27, 2021 $ 1,249 Other receivables mainly relate t o Certain sales plans relating to customers’ use of Birks credit cards provide for revolving lines of credit and /or installment plans under which the payment terms exceed one year. The receivables repayable within a timeframe exceeding one year included under such plans, amounted to approximately $5.7 million and $4.7 million at March 27, 2021 and March 28, 2020, respectively, which are not included in customer trade receivables outlined above, and are included in long-term receivables on the Company’s balance sheet. The following table disaggregates the Company’s accounts receivables and other receivables and long-term receivables as at March 27, 2021: Current 1 -30 days past due 31 -60 past due 61 -90 past due Greater Total Customer in-house $ 7,677 $ 386 $ 74 $ 286 $ 764 $ 9,187 Other receivables 4,798 88 30 53 73 5,042 $ 12,474 $ 474 $ 104 $ 339 $ 837 $ 14,229 |
Inventories
Inventories | 12 Months Ended |
Mar. 27, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories: Inventories, net of reserves, are summarized as follows: As of March 27, 2021 March 28, 2020 (In thousands) Raw materials and work in progress $ 813 $ 1,174 Finished goods 96,976 100,725 $ 97,789 $ 101,899 Continuity of the inventory reserves are as follows (in thousands): Balance March 31, 2018 $ 1,919 Additional charges 647 Deductions (671 ) Balance March 30, 2019 1,895 Additional charges 342 Deductions (390 ) Balance March 28, 2020 1,847 Additional charges 291 Deductions (200 ) Balance March 27, 2021 $ 1,938 |
Property and equipment
Property and equipment | 12 Months Ended |
Mar. 27, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | 5. Property and equipment: The components of property and equipment are as follows: As of March 27, 2021 March 28, 2020 (In thousands) Leasehold improvements 35,877 34,626 Furniture, fixtures and equipment 13,121 13,327 Software and electronic equipment 9,839 9,203 58,837 57,156 Accumulated depreciation and impairment charges (34,341 ) (30,543 ) $ 24,496 $ 26,613 The Company wrote off $1.6 million of gross fixed assets that were fully amortized during the year ended March 27, 2021 (March 28, 2020 - $4.2 million), mostly related to leasehold improvements. Property and equipment, having a cost and net book value of $0.3 million at March 27, 2021, and a cost of $0.7 million and a net book value of $0.5 million at March 28, 2020, are under finance leasing arrangements. |
Bank indebtedness
Bank indebtedness | 12 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Bank indebtedness | 6. Bank indebtedness: As of March 27, 2021 and March 28, 2020, bank indebtedness consisted solely of amounts owing under the Company’s Credit Facility, which had an outstanding balance of $53.4 million ($53.7 million net of $0.3 million of deferred financing costs) and $58.0 million ($58.4 million net of $0.4 million of deferred financing costs), respectively. The Company’s C F The Company’s ability to fund its operations and meet its cash flow requirements is dependent upon its ability to maintain positive excess availability under its $85.0 million Credit Facility with Wells Fargo Canada Corporation. The Credit Facility, which matures in October 2022, also provides the Company with an accordion option to increase the total commitments thereunder by up to $13.0 million. The Company will only have the ability to exercise this accordion option if it has the required borrowing capacity at such time. The Credit Facility bears interest at a rate of CDOR plus a spread ranging from 1.5% - 3.0% depending on the Company’s excess availability levels. Under the Credit Facility, the sole financial covenant which the Company is required to adhere to is to maintain minimum excess availability of not less than $8.5 million at all times, except that the Company shall not be in breach of this covenant if excess availability falls below $8.5 million for not more than two consecutive business days once during any fiscal month. The Company’s excess availability was above $8.5 million throughout the fiscal year ended March 27, 2021. On June 29, 2018, the Company secured a $12.5 million senior secured term loan with Crystal Financial LLC (“Crystal”), now known as SLR Credit Solutions (“SLR”). The Term Loan, which matures in October 2022, is subordinated in lien priority to the Company’s Credit Facility and bears interest at a rate of CDOR plus 8.25%. Under the Term Loan, the Company is required to adhere to the same financial covenant as under the Credit Facility (maintain minimum excess availability of not less than $8.5 million at all times, except that the Company shall not be in breach of this covenant if excess availability falls below $8.5 million for not more than two consecutive business days once during any fiscal month). In addition, the Term Loan includes seasonal availability blocks imposed from December 20 th th $9.5 million and from January 21 st th million. The long-term Term Loan is required to be repaid upon maturity. The Company’s borrowing capacity under both its Credit Facility and its Term Loan is based upon the value of the Company’s inventory and accounts receivable, which is periodically assessed by its lenders and based upon these reviews the Company’s borrowing capacity could be significantly increased or decreased. Both the Company’s Credit Facility and its Term Loan are subject to cross default provisions with all other loans pursuant to which if the Company is in default of any other loan, the Company will immediately be in default of both its Credit Facility and its Term Loan. In the event that excess availability falls below $8.5 million for more than two consecutive business days once during any fiscal month, this would be considered an event of default under the Company’s Credit Facility and its Term Loan, that provides the lenders the right to require the outstanding balances borrowed under the Company’s Credit Facility and its Term Loan become due immediately, which would result in cross defaults on the Company’s other borrowings. The Company expects to have excess availability of at least $8.5 million for at least the next twelve months from the date of issuance of these financial statements. The Company’s Credit Facility and its Term Loan also contain limitations on the Company’s ability to pay dividends, more specifically, among other limitations; the Company can pay dividends only at certain excess borrowing capacity thresholds. The Company is required to either i) maintain excess availability of at least 40% of the borrowing base in the month preceding payment or ii) maintain excess availably of at least 25% of the line cap and maintain a fixed charge coverage ratio of at least 1.10 to 1.00. Other than these financial covenants related to paying dividends, the terms of the Company’s secured credit facility and its senior secured term loan provide that no financial covenants are required to be met other than already described. The Company’s lenders under its Credit Facility and its Term Loan may impose, at any time, discretionary reserves, which would lower the level of borrowing availability under its credit facilities (customary for asset-based loans), at their reasonable discretion, to: i) ensure that the Company maintains adequate liquidity for the operations of its business, ii) cover any deterioration in the value of the collateral, and iii) reflect impediments to the lenders to realize upon the collateral. There is no limit to the amount of discretionary reserves that the Company’s lenders may impose at their reasonable discretion. No discretionary reserves were imposed during fiscal year 2021 by the Company’s lenders. The information concerning the Company’s bank indebtedness is as follows: Fiscal Year Ended March 27, 2021 March 28, 2020 (In thousands) Maximum borrowing outstanding during the year $ 64,121 $ 64,702 Average outstanding balance during the year $ 56,807 $ 56,001 Weighted average interest rate for the year 2.9 % 4.2 % Effective interest rate at year-end 2.6 % 3.8 % As security for the bank indebtedness, the Company has provided some of its lenders the following: (i) general assignment of all accounts receivable, other receivables and trademarks; (ii) general security agreements on all of the Company’s assets; (iii) insurance on physical assets in a minimum amount equivalent to the indebtedness, assigned to the lenders; (iv) a mortgage on moveable property (general) under the Civil Code (Québec) of $200.0 million; (v) lien on machinery, equipment and molds and dies; and (vi) a pledge of trademarks and stock of the Company’s subsidiaries. |
Long-term debt
Long-term debt | 12 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt | 7. Long-term debt: (a) Long-term debt consists of the following: As of March 27, 2021 March 28, 2020 (In thousands) Term loan from SLR Credit Solutions, bearing interest at an annual rate of CDOR plus 8.25%, repayable at maturity in October 2022, secured by the assets of the Company (net of deferred financing costs of $167,000 and $272,000, respectively). Refer to note 6 for additional information 12,333 12,228 $10 million term loan from Investissement Québec, bearing interest at an annual rate of 3.14%, repayable in 60 equal payments beginning in July 2021 (net of deferred financing costs of $44,000). 9,956 — USD $1.5 million cash advance owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c)) 1,887 2,109 USD $2.5 million loan owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c)). Repayable in August 2021. 1,573 1,757 Obligations under finance leases, at annual interest rates between 2.2% and 3.9%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to June 2025. 273 187 26,022 16,281 Current portion of long-term debt 2,960 64 $ 23,062 $ 16,217 (b) On July 8, 2020, the Company secured a new six-year (c) Future minimum lease payments for finance leases required in the following five years are as follows (in thousands): Year ending March: 2022 $ 75 2023 75 2024 69 2025 68 2026 54 341 Less imputed interest 68 $ 273 (d) Principal payments on long-term debt required in the following five years and thereafter, including obligations under finance leases, are as follows (in thousands): Year ending March: 2022 $ 2,981 2023 14,575 2024 2,069 2025 2,068 2026 2,054 Thereafter 2,554 $ 26,301 (e) As of March 27, 2021 and March 28, 2020, the Company had $0.6 million, and $0.9 million of outstanding letters of credit which were provided to certain lenders, respectively. |
Benefit plans and stock-based c
Benefit plans and stock-based compensation | 12 Months Ended |
Mar. 27, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit plans and stock-based compensation | 8. Benefit plans and stock-based compensation: (a) Stock option plans and arrangements: (i) The Company can issue stock options, stock appreciation rights, deferred share units and restricted stock units to executive management, key employees and directors under the following stock-based compensation plans. The Company’s stock trades on the NYSE American and is valued in USD, as such all prices in this note will be denominated in USD. The Company has a Long-Term Incentive Plan under which awards may be made in order to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees and to promote the success of the Company. Any employee or consultant selected by the administrator is eligible for any type of award provided for under the Long-Term Incentive Plan, except that incentive stock options may not be granted to consultants. The Long-Term Incentive Plan provided for the grant of units and performance units or share awards. As of March 27, 2021, there were 80,000 cash-based stock appreciation rights that were exercisable under the Long-Term Incentive Plan. The stock appreciation rights outstanding under the Long-Term Incentive Plan have a weighted average exercise price of $1.12. The Company has not made any grants under this incentive plan in the past three years. As at March 27, 2021, the Company has recognized As of March 27, 2021, there were stock options to purchase 253,147 Class A voting shares outstanding under the Long-Term Incentive Plan. During fiscal 2021, 2020, and 2019 no stock options were granted under the Long-Term Incentive Plan. As of March 27, 2021, 100% of the outstanding stock options were fully vested, accordingly unrecognized compensation relating to these options are nil. Total compensation cost for options recognized in expenses was nil, ($26,000), and $10,000 during fiscal 2021, 2020, and 2019, respectively. This plan expired in February 2016 and no further awards will be granted under this plan. However, the Long-Term Incentive Plan will remain in effect until the outstanding awards issued under the plan terminate or expire by their terms. On August 15, 2016, the Board of Directors adopted the Company’s Omnibus Long-Term Incentive Plan (the “Omnibus LTIP”), and same was approved by the Company’s shareholders on September 21, 2016. Further to the Omnibus LTIP, the Company’s directors, officers, senior executives and other employees of the Company or one of its subsidiaries, consultants and service providers providing ongoing services to the Company and its affiliates may from time-to-time The Company has outstanding employee stock options issued under the Birks Employee Stock Option Plan (the “Birks ESOP”). Effective November 15, 2005, no awards are permitted to be granted under the Birks ESOP. However, the Birks ESOP will remain in effect until the outstanding awards issued under the plan terminate or expire by their terms. In March 2010, the Company offered employees who held options under this plan the right to amend their current options. The amended options terms would be consistent with the original grant except that the new options would have a lower exercise price, be exercisable for a lesser number of the Company’s Class A voting shares, have a new ten-year The following is a summary of the activity of Birks’ stock option plans and arrangements. Options Weighted average Outstanding March 31, 2018 813,666 $ 1.13 Equity cash-out (51,400 ) 1.00 Forfeited (21,206 ) 1.11 Outstanding March 30, 2019 741,060 1.14 Exercised (10,000 ) 0.78 Forfeited (26,242 ) 1.43 Outstanding March 28, 2020 704,818 1.13 Exercised (226,853 ) 1.10 Forfeited (82,818 ) 1.66 Outstanding March 27, 2021 395,147 $ 1.04 (a) In connection with its restructuring initiative, the Company offered an equity cash-out A summary of the status of Birks’ stock options at March 27, 2021 is presented below: Options outstanding Options exercisable Exercise price Number Weighted Weighted Number Weighted $ 0.78 145,000 4.5 $ 0.78 145,000 $ 0.78 $ 0.84 100,000 2.1 0.84 100,000 0.84 $ 0.89 5,000 1.6 0.89 5,000 0.89 $ 1.43 142,000 5.6 1.43 142,000 1.43 $ 1.66 3,147 2.5 1.66 3,147 1.66 395,147 3.2 $ 1.04 395,147 $ 1.04 (ii) Under plans approved by the former Board of Directors of Mayors, the Company had outstanding stock options issued to employees and members of the Company’s Board of Directors. During fiscal 2019, the remaining 41 options were settled in cash for an average of $0.78 per option and no options remain outstanding. No further awards will be granted under these plans. No compensation expense was required to be recorded related to the options outstanding under this program for the years ended March 27, 2021, March 28, 2020, and March 30, 2019, 2018, respectively. The following is a summary of the activity of Mayors stock option plans: Options Weighted average Outstanding March 31, 2018 41 1.05 Settled in cash (41 ) 0.78 Outstanding March 30, 2019 $ 0 $ 0.00 (b) As of March 27, 2021, the Company had outstanding warrants exercisable into 251,484 shares of the Company’s Class A voting shares (382,693 as of March 28, 2020 and as of March 30, 2019, respectively). These warrants have a weighted average exercise price of $3.46 per share and expire on August 20, 2022. As of November 1, 2005, these awards were fully vested and no additional compensation expense will be recognized. 131,209 warrants were exercised in fiscal 2021 for proceeds of USD $438,000 (approximately $556,000 in Canadian dollars). (c) Restricted stock units and deferred share unit plans: On September 17, 2020 and November 15, 2016, the Company issued 375,000 and 121,500 cash settled restricted stock units (RSU) to members of senior management under the Omnibus LTIP. These units vest after three years and expire one month following the vesting date. Compensation expense is based on the fair value of the RSU and the liability is re-measured On September 17, 2020 October 7, 2019 June 20, 2019 September 14, 2018 September 7, 2017 November 15, 2016 are exercisable re-measured A summary of the status of Birks’ restricted stock units and deferred share units at March 27, 2021 is presented below: DSU Outstanding March 31, 2018 130,410 Grants of new units 133,588 Forfeited (6,993 ) Outstanding March 30, 2019 257,005 Grants of new units 244,844 Forfeited (36,715 ) Outstanding March 28, 2020 465,134 Grants of new units 223,878 Outstanding March 27, 2021 689,012 The fair value of cash settled DSU’s is measured based on the Company’s share price at each period end. As at March 27, 2021, the liability for all cash settled DSU’s was $3.1 million (March 28, 2020 - $0.1 million). The closing stock price used to determine the liability was $3.62. Total compensation cost for DSU’s recognized in expense was $3.0 million, nil and $0.1 million in fiscal 2021, 2020, and 2019. RSU Outstanding March 31, 2018 112,000 Settled in cash (5,500 ) Forfeited (4,500 ) Outstanding March 30, 2019 102,000 Settled in cash (102,000 ) Outstanding March 28, 2020 0 Grants of new units 375,000 Outstanding March 27, 2021 375,000 The fair value of cash settled RSU’s is measured based on the Company’s share price at each period end. As at March 27, 2021, the liability for all vested cash settled RSU’s w as $0.3 million (March 28, 2020 - $nil). The closing stock price used to determine the liability was $3.62. Total compensation cost for RSU’s recognized in expenses was $0.3 million, nil, and nil in fiscal 2021, 2020, and 2019. The weighted average remaining contractual life of the unvested RSU’s is 2.7 years |
Income taxes
Income taxes | 12 Months Ended |
Mar. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 9. Income taxes: (a) The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of March 27, 2021, the Company had no accrued interest or penalties related to uncertain tax positions due to available tax loss carry forwards. The tax years 2015 through 2021 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company evaluates its deferred tax assets to determine if any adjustments to its valuation allowances are required. As part of this analysis, the Company could not reach the required conclusion that it would be able to more likely than not realize the value of net deferred tax assets in the future. As a result, the Company has a non-cash The significant items comprising the Company’s net deferred tax assets at March 27, 2021 and March 28, 2020 are as follows: Fiscal Year Ended March 27, 2021 March 28, 2020 Deferred tax assets: (In thousands) Loss and tax credit carry forwards $ 14,801 $ 14,987 Difference between book and tax basis of property and equipment 4,757 3,674 Operating lease right-of-use 3,997 3,820 Other reserves not currently deductible 1,187 136 Other (177 ) (142 ) Net deferred tax asset before valuation allowance 24,565 22,475 Valuation allowance (24,565 ) (22,475 ) Net deferred tax asset $ — $ — The Company’s income tax expense (benefit) consists of the following components: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands) Income tax expense (benefit): Current $ — $ — $ — Deferred (1,606 ) (3,195 ) (4,769 ) Valuation allowance 1,606 3,195 4,769 Income tax expense $ — $ — $ — The Company’s current tax payable was nil at March 27, 2021 and March 28, 2020. The Company’s provision for income taxes varies from the amount computed by applying the statutory income tax rates for the reasons summarized below: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 Canadian statutory rate 26.2 % 26.6 % 26.8 % Rate differential for U.S. operations 0.0 % 0.0 % 0.1 % Utilization of unrecognized losses and other tax attributes (27.3 %) (26.4 %) (26.2 %) Permanent differences and other 1.1 % (0.2 %) (0.7 %) Total 0 % 0 % 0 % (b) At March 27, 2021, the Company had federal non-capital |
Capital stock
Capital stock | 12 Months Ended |
Mar. 27, 2021 | |
Equity [Abstract] | |
Capital stock | 10. Capital stock: Authorized capital stock of the Company consists of an unlimited number of no par value preferred shares and two classes of common stock outstanding: Class A and Class B. Class A voting shares receive one vote per share. The Class B multiple voting shares have substantially the same rights as the Class A voting shares except that each share of Class B multiple voting shares receives 10 votes per share. The issued and outstanding shares are as follows: Class A common stock Class B common stock Total common stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Balance as of March 30, 2019 10,242,911 $ 35,593 7,717,970 $ 57,755 17,960,881 $ 93,348 Exercise of stock options 10,000 20 — — 10,000 20 Balance as of March 28, 2020 10,252,911 35,613 7,717,970 $ 57,755 17,970,881 $ 93,368 Exercise of stock options and warrants 358,062 1,748 — — 358,062 1,748 Balance as of March 27, 2021 10,610,973 $ 37,361 7,717,970 $ 57,755 18,328,943 $ 95,116 On August 13, 2020, the Company was notified by NYSE American that it was in with continued standards forth On October 22, 2020, the Company received notice that NYSE American had accepted the Company’s plan that was submitted on September 6, 2020, to regain compliance with the continued listing standards. The Company has been granted a plan period through February 6, 2022 to regain compliance. The Company is subject to periodic review by NYSE American during the Plan Period. If the Company does not regain compliance by the end of the Plan Period |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Mar. 27, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 11. Restructuring Charges: During fiscal 2021 and 2020 the Company did not incur any restructuring charges. During fiscal 2019 the Company incurred $1.2 million of restructuring charges associated with the Company’s right-sizing |
Leases
Leases | 12 Months Ended |
Mar. 27, 2021 | |
Leases [Abstract] | |
Disclosure Of LeasesLessee Operating Leases and Finance Leases [Text Block] | 12. Leases: Amounts recognized in the Consolidated Statement of Earnings were as follows: 52 weeks ended March 27, 2021 52 weeks ended March 28, 2020 (in thousands) Fixed operating lease expense $ 12,495 $ 12,704 Variable operating lease expense (1) 927 4,437 Total lease expense $ 13,422 $ 17,141 (1) In May 2020, the FASB issued guidance to Topic 842, Leases, exempting lessees from determining whether COVID-19 COVID-19 COVID-19. Variable operating lease expense includes percentage rent, taxes, mall advertising and common area maintenance charges. Rent expense for the Company was approximately $15.4 million for year ended March 30, 2019. The weighted average remaining operating lease term was 5 years and the weighted average discount rate was 10.0% for all of the Company’s operating leases as of March 27, 2021. The following table provides supplemental cash flow information related to the Company’s operating leases: 52 weeks ended March 27, 2021 52 weeks ended March 28, 2020 (in thousands) Cash outflows from operating activities attributable to operating leases (1) $ 9,186 $ 10,245 Right-of-use 2,562 3,509 (1) Net of $4.2 million rent concessions associated to base rent for the period ended March 27, 2021. (2) Right-of-use The following table reconciles the undiscounted cash flows expected to be paid in each of the next five fiscal years and thereafter to the operating lease liability recorded on the Consolidated Balance Sheet for operating leases and finance leases which is included in long-term debt on the existing as of March 27, 2021. Minimum Lease Payments as of March 27, 2021 (in thousands) Year ending March: Operating 2022 13,319 2023 13,802 2024 13,196 2025 11,895 2026 10,492 Thereafter 61,338 Total minimum lease payments 124,042 Less: amount of total minimum lease payments representing interest (51,031 ) Present value of future total minimum lease payments 73,011 Less: current portion of lease liabilities (6,298 ) Long-term lease liabilities $ 66,713 |
Contingencies
Contingencies | 12 Months Ended |
Mar. 27, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 13. Contingencies: (a) The Company and its subsidiaries, in the normal course of business, become involved from time to time in litigation and subject to claims. While the final outcome with respect to claims and legal proceedings pending at March 27, 2021 cannot be predicted with certainty, management believes that adequate provisions have been recorded in the accounts where required and that the financial impact, if any, from claims related to normal business activities will not be material. (b) From time to time, the Company guarantees a portion of its private label credit card sales to its credit card vendor. At March 27, 2021 and March 28, 2020, the amount guaranteed under such arrangements was approximately $1.4 million and $3.4 million, respectively. At March 27, 2021 and March 28, 2020, the Company has recorded in accrued liabilities a reserve of nil and $0.1 million, respectively, associated with this guaranteed amount. |
Segmented information
Segmented information | 12 Months Ended |
Mar. 27, 2021 | |
Segment Reporting [Abstract] | |
Segmented information | 14. Segmented information: The Company has two reportable segments Retail and Other. As of March 27, 2021, Retail operated 26 stores across Canada under the Maison Birks brand, 1 retail location in Calgary under the Brinkhaus brand and 2 retail locations in Vancouver under the Graff and Patek Philippe brands. During fiscal 2021, the Company closed one store operating under the Maison Birks banner and did not open any new stores. Other consists primarily of our e-commerce Certain information relating to the Company’s segments for the years ended March 27, 2021, March 28, 2020, and March 30, 2019, respectively, is set forth below: Retail Other Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 (In thousands) Sales to external customers $ 130,758 $ 160,981 $ 143,499 $ 12,310 $ 8,439 $ 7,550 $ 143,068 $ 169,420 $ 151,049 Inter-segment sales — — — 681 3,606 9,912 681 3,606 9,912 Unadjusted Gross profit 51,029 64,210 58,936 5,989 4,074 1,119 57,018 68,284 60,055 The following sets forth reconciliations of the segments’ gross profits and certain unallocated costs to the Company’s consolidated gross profits for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands) Unadjusted gross profit $ 57,018 $ 68,284 $ 60,055 Inventory provisions (736 ) (475 ) (686 ) Other unallocated costs 38 (3,586 ) (998 ) Adjustment of intercompany profit 30 254 206 Gross profit $ 56,350 $ 64,477 $ 58,577 Sales by classes of similar products and by channel were as follows: Retail Other Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 (In thousands) Jewelry and other $ 55,743 $ 81,736 $ 91,493 $ 11,553 $ 8,439 $ 7,550 $ 67,296 $ 90,175 $ 99,043 Timepieces 75,015 79,245 52,006 757 — — 75,772 79,245 52,006 $ 130,758 $ 160,981 $ 143,499 $ 12,310 $ 8,439 $ 7,550 $ 143,067 $ 169,420 $ 151,049 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 27, 2021 | |
Related Party Transactions [Abstract] | |
Related party transactions | 15. Related party transactions: (a) The Company is party to certain related party transactions. Balances related to these related parties are disclosed in the consolidated financial statements except the following: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands) Expenses incurred: Management fees to related parties (b) — — 61 Consultant fees to a related party (d) & (g) 209 229 231 Expense reimbursement to a related party (e) 30 68 167 Interest expense on cash advance received from controlling shareholder (c) 370 426 455 Compensation paid to a related party (f) 329 345 385 Balances: Accounts payable to related parties 66 231 142 Interest payable on cash advance received from controlling shareholder (c) 269 448 90 (b) Effective January 1, 2016, the Company entered into a management consulting services agreement with Gestofi S.A. (“Gestofi”), all in accordance with the Company’s Code of Conduct relating to related party transactions. Under the management consulting services agreement, Gestofi provides the Company with services related to the obtaining of financing, mergers and acquisitions, international expansion projects, and such other services as the Company may request. Under the agreement, the Company paid an annual retainer of €140,000 (approximately $202,000 in Canadian dollars). The original term of the agreement was until December 31, 2016 and the agreement was automatically extended for successive terms of one year as neither party gave a 60 days’ notice of its intention not to renew. The yearly renewal of the agreement was subject to the review and approval of the Company’s corporate governance and nominating committee and the Board of Directors in accordance with the Company’s Code of Conduct relating to related party transactions. In November 2018, the agreement was renewed on the same terms and conditions except that the retainer was reduced to €40,000 (approximately $61,000 in Canadian dollars). In March 2019, the agreement was amended to (i) eliminate the yearly retainer and reimburse only the out-of-pocket one-year (c) The Company has a cash advance outstanding from its controlling shareholder, Montel S.à.r.l. (“Montel”, formerly Montrovest), of USD$1.5 million (approximately $2 million in Canadian dollars) originally received in May 2009 from Montrovest. This cash advance was provided to the Company by Montrovest to finance working capital needs and for general corporate purposes. This advance and any interest thereon is subordinated to the indebtedness of the Company’s On July 28, 2017, the Company received a USD $2.5 million (approximately $3.3 million in Canadian dollars) loan from Montrovest (now Montel), to finance its working capital needs. This loan bears interest at an annual rate of 11%, net of withholding taxes, representing an effective interest rate of approximately 12%, and is due and payable in two equal payments of USD$1.25 million (approximately $1.55 million in Canadian dollars) in each of July 2018 and July 2019. During fiscal year 2019, USD$1.25 million (approximately $1.55 million in Canadian dollars) was repaid. In May 2019, Montel granted the Company a one year extension of the term of the outstanding balance of $1.8 million (USD $1.25 million) which was scheduled to be fully repaid in July 2019. In December 2019, the Company obtained a one-year Due to the Montrovest Merger, Montrovest’s separate legal existence ceased and as a result of such merger, the cash advance agreements as well as the loan agreement have been assumed by Montel. (e) In accordance with the Company’s Code of Conduct related to related party transactions, in April 2011, the Company’s corporate governance and nominating committee and Board of Directors approved the reimbursement to Regaluxe Srl, of certain expenses, such as rent, communication, administrative support and analytical service costs, incurred in supporting the office of Dr. Lorenzo Rossi di Montelera, the Company’s then Chairman, and of Mr. Niccolò Rossi di Montelera, the Company’s Chairman of the Executive Committee and the Company’s current Executive Chairman of the Board, for the work performed on behalf of the Company, up to a yearly maximum of USD$260,000 (approximately $340,000 in Canadian dollars). The yearly maximum was reduced to USD$130,000 (approximately $170,000 in Canadian dollars), and in fiscal 2019 the terms were amended so that only administrative support and analytical service costs can be reimbursed. , one-year r (f) Effective January 1, 2017, the Company agreed to total annual compensation of €250,000 (approximately $388,000 in Canadian dollars),with Mr. Niccolò Rossi di Montelera in connection with his appointment as Executive Chairman of the Board and Chairman of the Executive Committee. As an effort to mitigate the financial impact of COVID-19, COVID-19 COVID-19 (g) On March 28, 2018, the Company’s Board of Directors approved the Company’s entry into a consulting services agreement with Carlo Coda Nunziante effective April 1, 2018. Under the agreement, Carlo Coda-Nunziante, out-of-pocket Coda-Nunziante COVID-19 one-year |
Financial instruments
Financial instruments | 12 Months Ended |
Mar. 27, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial instruments | 16. Financial instruments: Fair value of financial instruments: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP prescribes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 inputs are considered to carry the most weight within the fair value hierarchy due to the low levels of judgment required in determining fair values. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs reflecting the reporting entity’s own assumptions. Level 3 inputs are considered to carry the least weight within the fair value hierarchy due to substantial levels of judgment required in determining fair values. The Company has determined that the carrying value of its cash and cash equivalents, accounts receivable, long-term receivables, accounts payable and accrued liabilities approximates fair values as at the balance sheet date. As of March 27, 2021 and March 28, 2020, for the $53.4 million and $58.0 million, respectively, of bank indebtedness and the $12.3 million and $12.2 million, respectively of long-term debt bearing interest at variable rates, the fair value is considered to approximate the carrying value. As of March 27, 2021 and March 28, 2020, the fair value of the remaining $13.7 million and $4.1million, respectively of fixed-rate long-term debt is estimated to be approximately $12.9 million and $3.9 million, respectively. The fair value was determined by discounting the future cash flows of each instrument at the current market interest rates for the same or similar debt instruments with the same remaining maturities adjusted for all necessary risks, including its own credit risk. In determining an appropriate spread to reflect its credit standing, the Company considered interest rates currently offered to the Company for similar debt instruments of comparable maturities by the Company’s lenders. As a result, the Company has determined that the inputs used to value these long-term debts fall within Level 3 of the fair value hierarchy. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Mar. 27, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | 17. Discontinued operations The Company considers a component to be classified as discontinued operations when it meets the criteria established under GAAP related to reporting discontinued operations and disclosures of disposals of components of the Company. The disposal of such components that represents a strategic shift that should have or will have a major effect on the Company’s operations and financial results qualify as discontinued operations. The results of discontinued operations are reported in discontinued operations in the consolidated statements of operations for current and prior periods commencing in the period in which the business meets the criteria of an asset held for sale and discontinued operation, and will include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. On August 11, 2017, the Company entered into a stock purchase agreement with Aurum to sell its wholly-owned subsidiary, Mayors, which operated in Florida and Georgia and was engaged primarily in luxury timepieces and jewelry retail activities. The sale was completed on October 23, 2017. Accordingly, any related activities remaining of Mayors have been segregated and classified as discontinued operations in the consolidated statements of operations and cash flows for all periods presented. In fiscal 2020, the Company incurred related costs of approximately $0.6 million associated with a sales tax audit, stay bonuses and termination fees for cancelling agreement contract, which have been allocated to the results of discontinued operations. In fiscal 2019, the Company incurred related costs of approximately $0.9 million, in addition to recognizing a net operating expense recovery of approximately $0.5 million as part of the transition services agreement with Aurum which has been allocated to the results of discontinued operations. No costs were incurred in fiscal 2021 related to this discontinued operation. The following table presents the net income from discontinued operations for the year ended March 28, 2020, and March 30, 2019. There is no table for the year ended March 27, 2021 since there was no income or costs: March 28, 2020 March 30, 2019 Net sales $ — $ — Cost of sales — — Gross profit — — Selling, general and administrative expenses 552 381 Restructuring charges — — Depreciation and amortization — — Total operating expenses 552 381 Operating (loss) income (552 ) (381 ) Interest and other financial costs — — Debt extinguishment charges — — (Loss) income before taxes (552 ) (381 ) Income tax expense (benefit) — — (Loss) income from discontinued operations, net of taxes (552 ) (381 ) Gain on disposal, net of taxes — — Net (loss) income from discontinued operations $ (552 ) $ (381 ) Weighted average common shares outstanding: Basic 17,968 17,961 Diluted 17,968 17,961 Net (loss) income from discontinued operations per common share: Basic $ (0.03 ) $ (0.02 ) Diluted $ (0.03 ) $ (0.02 ) |
Government grants
Government grants | 12 Months Ended |
Mar. 27, 2021 | |
Government Grants [Abstract] | |
Government Grants [Text Block] | 18. Government grants In response to the COVID-19 The Government of Canada announced the CEWS program in April 2020. CEWS provides a wage subsidy COVID-19. The Government of Canada announced the CERS program in October 2020. CERS provides a rent subsidy for eligible property expenses, such as occupancy costs, based on certain criteria and is proportional to revenue declines as a result of COVID-19. The Company has determined that it had qualified for this subsidy for certain intermittent periods in fiscal 2021. The Company expects to complete the filing requirements and application to the CERS in the first quarter of fiscal 2022. For the fiscal year ended March 27, 2021, the Company has recognized $0.5 million of CERS and has recorded it as a reduction to the eligible occupancy expense incurred by the Company during this period (within selling, general and administrative expenses). As at March 27, 2021, nil of CERS has been collected and $0.5 million is included within Account Receivable on the consolidated balance sheet. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [Abstract] | |
Revenue recognition | (a) Revenue recognition: Sales are recognized at the point of sale when merchandise is picked up by the customer or delivered to a customer. Sales to our wholesale customers are recognized when the Company has agreed to terms with its customers, the contractual rights and payment terms have been identified, the contract has commercial substance, it is probable that consideration will be collected by the Company and when control of the goods has been transferred to the customer. Shipping and handling fees billed to customers are included in net sales. Revenues for gift certificate sales and store credits are recognized upon redemption. Prior to recognition as a sale, gift certificates are recorded as accounts payable on the balance sheet. Based on historical redemption rates, the Company estimates the portion of outstanding gift certificates (not subject to unclaimed property laws) that will ultimately not be redeemed and records this amount as breakage income. The Company recognizes such breakage income in proportion to redemption rates of the overall population of gift certificates and store credits. Gift certificates and store credits outstanding and subject to unclaimed property laws are maintained as accrued liabilities until remitted in accordance with local ordinances. Sales of consignment merchandise are recognized at such time as the merchandise is sold, and are recorded on a gross basis because the Company is the primary obligor of the transaction, has general latitude on setting the price, has discretion as to the suppliers, is involved in the selection of the product and has inventory loss risk. Sales are reported net of returns and sales taxes. The Company generally gives its customers the right to return merchandise purchased by them within 10 to 90 days, depending on the product sold and records a provision at the time of sale for the effect of the estimated returns which is determined based on historical experience. Revenues for repair services are recognized when the service is delivered to and accepted by the customer. Licensing fees are recognized when the product is delivered to and accepted by the customer. |
Cost of sales | (b) Cost of sales: Cost of sales includes direct inbound freight and duties, direct labor related to repair services, design and creative costs (labor and overhead) inventory shrink, inventory thefts, and boxes (jewelry, watch and giftware). Indirect freight including inter-store transfers, purchasing and receiving costs, distribution costs and warehousing costs are included in selling, general and administrative expenses. Mark down dollars received from vendors are recorded as a reduction of inventory costs to the specific items to which they apply and are recognized in cost of sales once the items are sold. |
Cash and cash equivalents | (c) Cash and cash equivalents: The Company utilizes a cash management system under which a book cash overdraft may exist in its primary disbursement account. These overdrafts, when applicable, represent uncleared checks in excess of cash balances in the bank account at the end of a reporting period and have been reclassified to accounts payable on the consolidated balance sheets. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Amounts receivable from credit card issuers are included in cash and cash equivalents and are typically converted to cash within 2 to 4 days of the original sales transaction. These amounts totaled $1.8 million at March 27, 2021 and $0.6 million at March 28, 2020. |
Accounts receivable | (d) Accounts receivable: Accounts receivable arise primarily from customers’ use of our private label and proprietary credit cards and wholesale sales and are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less expected credit losses. Several installment sales plans are offered to our private label credit card holders and proprietary credit card holders which vary as to repayment terms and finance charges. Finance charges on the Company’s consumer credit receivables, when applicable, accrue at rates ranging from 0% to 9.99% per annum for financing plans. The Company maintains allowances for expected credit losses associated with the accounts receivable recorded on the balance sheet for estimated losses resulting from the inability of its customers to make required payments. The allowance for credit losses is an estimate of expected credit losses, measured on a collective basis over the estimated life of the Company’s customer in-house receivables write-off The Company classifies a receivable account as past due if a required payment amount has not been received within the allotted time frame (generally 30 days), after which internal collection efforts commence. Once all internal collection efforts have been exhausted and management has reviewed the account, the account is sent for external collection or legal action. Upon the suspension of the accrual of interest, interest income is recognized to the extent cash payments received exceed the balance of the principal amount owed on the account. After all collection efforts have been exhausted, including internal and external collection efforts, an account is written off. The Company guarantees a portion of its private label credit card sales to its credit card vendor. The Company maintains a liability associated with these outstanding amounts. Similar to the allowance for expected credit losses, the liability related to these guaranteed sales amounts are based on a combination of factors including the length of time the receivables are past due to the Company’s credit card vendor, the Company’s knowledge of the customer, economic and market conditions and historical write-off The allowance for credit losses includes an estimate for uncollectible principal as well as unpaid interest. Accrued interest is included within the same line item as the respective principal amount of the customer in-house receivables and written-off. Accrued |
Inventories | (e) Inventories: Finished goods inventories and inventories of raw materials are valued at the lower of average cost (which includes material, labor and overhead costs) or net realizable value, which is the estimated selling price in the ordinary course of business. The Company records inventory reserves for lower of cost or net realizable value, which includes slow-moving finished goods inventory, and damaged goods, and shrink. The cost of inbound freight and duties are included in the carrying value of the inventories. The reserve for slow-moving finished goods inventories is equal to the difference between the cost of inventories and the estimated selling prices, resulting in the expected gross margin. There is estimation uncertainty in relation to the identification of slow-moving finished goods inventories which are based on certain criteria established by the Company. The criteria includes operational decisions by management to discontinue ordering the inventories based on sales trends, market conditions, and the aging of the inventories. Estimation uncertainty also exists in determining the expected selling prices and associated gross margins through normal sales channels, which are based on assumptions about future demand and market conditions for those slow-moving inventories. If actual market conditions are less favorable than those projected by management, additional inventory reserves may be required. The reserve for inventory shrink is estimated for the period from the last physical inventory date to the end of the reporting period on a store by store basis and at our distribution centers. The shrink rate from the most recent physical inventory, in combination with historical experience, is the basis for providing a shrink reserve. |
Property and equipment | (f) Property and equipment: Property and equipment are recorded at cost less any impairment charges. Maintenance and repair costs are charged to selling, general and administrative expenses as incurred, while expenditures for major renewals and improvements are capitalized. Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets as follows: Asset Period Leasehold improvements Lesser of term of the lease or the economic life Software and electronic equipment 1 - 6 years Furniture and fixtures 5 - 8 years Equipment 3 - 8 years |
Intangible assets and other assets | (g) Intangible assets and other assets: Eligible costs incurred during the development stage of information systems projects are capitalized and amortized over the estimated useful life of the related project and presented as part of intangible assets and other assets on the Company’s balance sheet. Eligible costs include those related to the purchase, development, and installation of the related software. Intangible assets and other assets also consist of trademarks and tradenames, which are amortized using the straight-line method over a period of 15 to 20 years. The Company had $5.9 million and $5.8 million of intangible assets at cost as at March 27, 2021 and March 28, 2020, respectively. The Company had $1.0 million and $0.9 million of accumulated amortization of intangibles at March 27, 2021 and March 28, 2020, respectively. |
Leases | (h) Leases: In February 2017, the FASB issued ASU 2017-02 right-of-use non-lease The adoption of ASU 2017-02 • The establishment of an operating lease liability of $76.8 million and a corresponding operating lease right-of-use • The reclassification of existing deferred lease inducements balance of $6.8 million and deferred straight-line rent of $4.3 million from Other long-term liabilities to Operating lease right-of-use • The reclassification of deferred gains on sale-leasebacks of $2.4 million previously recorded in other long-term liabilities, to opening retained earnings. We determine if an arrangement is a lease at inception. The amounts of the Company’s operating lease right-of-use ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments in order to measure its lease liabilities at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company leases office, distribution, and retail facilities. Certain retail store leases may require the payment of minimum rentals and contingent rent based on a percentage of sales exceeding a stipulated amount. The Company’s lease agreements expire at various dates through 2034, are subject, in many cases, to renewal options and provide for the payment of taxes, insurance and maintenance. Certain leases contain escalation clauses resulting from the pass through of increases in operating costs, property taxes and the effect on costs from changes in consumer price indices, which are considered as variable costs. The Company determines its lease payments based on predetermined rent escalations, rent-free periods and other incentives. The Company recognizes lease expense on a straight-line basis over the related terms of such leases, including any rent-free period and beginning from when the Company takes possession of the leased facility. Variable operating lease expenses, including contingent rent based on a percentage of sales, CAM charges, rent related taxes, mall advertising and adjustments to consumer price indices, are recorded in the period such amounts and adjustments are determined. Lease expense is recorded within selling, general and administrative expenses in the statement of operations. Lease arrangements occasionally include renewal options. The Company uses judgment when assessing the renewal options in the leases and assesses whether or not it is reasonably certain to exercise these renewal options if they are within the control of the Company. Any renewal options not reasonably certain to be exercised are excluded from the lease term. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. ROU assets, as part of the group of assets, are periodically reviewed for impairment. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, |
Deferred financing costs | (i) Deferred financing costs: The Company amortizes deferred financing costs incurred in connection with its financing agreements using the effective interest method over the term of the related financing. Such deferred costs are presented as a reduction to bank indebtedness and long-term debt in the accompanying consolidated balance sheets. |
Warranty accrual | (j) Warranty accrual: The Company provides warranties on its Bijoux Birks branded jewelry and watches for periods extending up to five years and has a battery replacement policy for its Bijoux Birks branded watches. The Company accrues a liability based on its historical repair costs for such warranties. |
Income taxes | (k) Income taxes: Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial statement reporting purposes and the bases for income tax purposes, and (b) operating losses and tax credit carryforwards. Deferred income tax assets are evaluated and, if realization is not considered to be more-likely-than-not, |
Foreign exchange | (l) Foreign exchange: Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange in effect at the balance sheet date. Non-monetary 1.2 0.1 0.5 0.3 |
Impairment of long-lived assets | (m) Impairment of long-lived assets: The Company periodically reviews the estimated useful lives of its depreciable assets and changes in useful lives are made on a prospective basis unless factors indicate the carrying amounts of the assets may not be recoverable and an impairment write-down is necessary. However, the Company will review its long-lived assets for impairment once events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized when the estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition is less than its carrying value. Measurement of an impairment loss for such long-lived assets would be based on the difference between the carrying value and the fair value of the asset, with fair value being determined based upon discounted cash flows or appraised values, depending on the nature of the asset. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. The Company recorded non-cash |
Advertising and marketing costs | (n) Advertising and marketing costs: Advertising and marketing costs are generally charged to expense as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations. The Company and its vendors participate in cooperative advertising programs in which the vendors reimburse the Company for a portion of certain specific advertising costs which are netted against advertising expense in selling, general and administrative expenses, and amounted to $0.7 million, $1.1 million, and $1.0 million for each of the years ended March 27, 2021, March 28, 2020, and March 30, 2019, respectively. Advertising and marketing expense, net of vendor cooperative advertising allowances, amounted to $6.5 million, $7.5 million, and $8.7 million, in the years ended March 27, 2021, March 28, 2020, and March 30, 2019, respectively. |
Government grants | (o) Government grants: The Company recognizes a government grant when there is reasonable assurance that it will comply with the conditions required to qualify for the grant, and that the grant will be received. The Company recognizes government grants as a reduction to the expense that the grant is intended to offset. |
Earnings per common share | (p) Earnings per common share: Basic earnings per share (“EPS”) is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the dilutive effect of the assumed exercise of stock options and warrants. The following table sets forth the computation of basic and diluted (loss) earnings per common share for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands, except per share data) Basic (loss) income per common share computation: Numerator: Net (loss) income $ (5,838 ) $ (12,779 ) $ (18,686 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 (Loss) income per common share $ (0.32 ) $ (0.71 ) $ (1.04 ) Diluted (loss) income per common share computation: Numerator: Net (loss) income $ (5,838 ) $ (12,779 ) $ (18,686 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Dilutive effect of stock options and warrants — — — Weighted-average common shares outstanding – diluted 18,005 17,968 17,961 Diluted (loss) income per common share $ (0.32 ) $ (0.71 ) $ (1.04 ) The following table sets forth the computation of basic and diluted (loss) earnings from continuing operations per common share for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands, except per share data) Basic (loss) from continuing operations per common share computation: Numerator: Net loss from continuing operations $ (5,838 ) $ (12,227 ) $ (18,305 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Loss from continuing operations per common share $ (0.32 ) $ (0.68 ) $ (1.02 ) Diluted income per common share computation: Numerator: Net loss from continuing operations $ (5,838 ) $ (12,227 ) $ (18,305 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Dilutive effect of stock options and warrants — — — Weighted-average common shares outstanding – diluted 18,005 17,968 17,961 Diluted loss from continuing operations per common share $ (0.32 ) $ (0.68 ) $ (1.02 ) For the year ended March 27, 2021, the effect from the assumed exercise of nil Class A voting shares underlying outstanding stock options and 10,932 Class A voting shares underlying outstanding warrants was excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 28, 2020, the effect from the assumed exercise of 704,818 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants was excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 30, 2019, the effect from the assumed exercise of 288,000 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants was excluded from the computation of diluted earnings per share due to their antidilutive effect. |
Recent Accounting Pronouncements adopted during the year | Recent Accounting Pronouncements adopted during the year: In June 2016, the FASB issued ASU 2016-13 — Financial Instruments — Credit Losses (Topic 326) In August 2018, the FASB issued ASU 2018-15 —Intangibles—Goodwill and Other—Internal-Use 2018-15 internal-use Recent Accounting Pronouncements not yet adopted: In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets as follows: Asset Period Leasehold improvements Lesser of term of the lease or the economic life Software and electronic equipment 1 - 6 years Furniture and fixtures 5 - 8 years Equipment 3 - 8 years |
Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted (loss) earnings per common share for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands, except per share data) Basic (loss) income per common share computation: Numerator: Net (loss) income $ (5,838 ) $ (12,779 ) $ (18,686 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 (Loss) income per common share $ (0.32 ) $ (0.71 ) $ (1.04 ) Diluted (loss) income per common share computation: Numerator: Net (loss) income $ (5,838 ) $ (12,779 ) $ (18,686 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Dilutive effect of stock options and warrants — — — Weighted-average common shares outstanding – diluted 18,005 17,968 17,961 Diluted (loss) income per common share $ (0.32 ) $ (0.71 ) $ (1.04 ) The following table sets forth the computation of basic and diluted (loss) earnings from continuing operations per common share for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands, except per share data) Basic (loss) from continuing operations per common share computation: Numerator: Net loss from continuing operations $ (5,838 ) $ (12,227 ) $ (18,305 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Loss from continuing operations per common share $ (0.32 ) $ (0.68 ) $ (1.02 ) Diluted income per common share computation: Numerator: Net loss from continuing operations $ (5,838 ) $ (12,227 ) $ (18,305 ) Denominator: Weighted-average common shares outstanding 18,005 17,968 17,961 Dilutive effect of stock options and warrants — — — Weighted-average common shares outstanding – diluted 18,005 17,968 17,961 Diluted loss from continuing operations per common share $ (0.32 ) $ (0.68 ) $ (1.02 ) |
Accounts receivable and other_2
Accounts receivable and other receivables (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Receivables [Abstract] | |
Summary of Accounts Receivable, Net of Allowance for Doubtful Accounts | Accounts receivable, net of allowance for credit losses, at March 27, 2021 and March 28, 2020 consist of the following: As of March 27, 2021 March 28, 2020 (In thousands) Customer trade receivables $ 3,055 $ 4,119 Other receivables 4,253 1,900 $ 7,307 $ 6,019 |
Schedule of Continuity of Allowance for Doubtful Accounts | Continuity of the allowance for doubtful accounts is as follows (in thousands): Balance March 31, 2018 $ 513 Provision for credit losses 170 Net write offs (249 ) Balance March 30, 2019 434 Provision for credit losses 857 Net write offs (326 ) Balance March 28, 2020 $ 965 Provision for credit losses 546 Net write offs (262 ) Balance March 27, 2021 $ 1,249 |
Summary of Disaggregates the Company's Accounts Receivables and Long-Term Receivables | The following table disaggregates the Company’s accounts receivables and other receivables and long-term receivables as at March 27, 2021: Current 1 -30 days past due 31 -60 past due 61 -90 past due Greater Total Customer in-house $ 7,677 $ 386 $ 74 $ 286 $ 764 $ 9,187 Other receivables 4,798 88 30 53 73 5,042 $ 12,474 $ 474 $ 104 $ 339 $ 837 $ 14,229 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories, Net of Reserves | Inventories, net of reserves, are summarized as follows: As of March 27, 2021 March 28, 2020 (In thousands) Raw materials and work in progress $ 813 $ 1,174 Finished goods 96,976 100,725 $ 97,789 $ 101,899 |
Continuity of the Inventory Reserves | Continuity of the inventory reserves are as follows (in thousands): Balance March 31, 2018 $ 1,919 Additional charges 647 Deductions (671 ) Balance March 30, 2019 1,895 Additional charges 342 Deductions (390 ) Balance March 28, 2020 1,847 Additional charges 291 Deductions (200 ) Balance March 27, 2021 $ 1,938 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | The components of property and equipment are as follows: As of March 27, 2021 March 28, 2020 (In thousands) Leasehold improvements 35,877 34,626 Furniture, fixtures and equipment 13,121 13,327 Software and electronic equipment 9,839 9,203 58,837 57,156 Accumulated depreciation and impairment charges (34,341 ) (30,543 ) $ 24,496 $ 26,613 |
Bank indebtedness (Tables)
Bank indebtedness (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Company's Senior Credit Facility | The information concerning the Company’s bank indebtedness is as follows: Fiscal Year Ended March 27, 2021 March 28, 2020 (In thousands) Maximum borrowing outstanding during the year $ 64,121 $ 64,702 Average outstanding balance during the year $ 56,807 $ 56,001 Weighted average interest rate for the year 2.9 % 4.2 % Effective interest rate at year-end 2.6 % 3.8 % |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | (a) Long-term debt consists of the following: As of March 27, 2021 March 28, 2020 (In thousands) Term loan from SLR Credit Solutions, bearing interest at an annual rate of CDOR plus 8.25%, repayable at maturity in October 2022, secured by the assets of the Company (net of deferred financing costs of $167,000 and $272,000, respectively). Refer to note 6 for additional information 12,333 12,228 $10 million term loan from Investissement Québec, bearing interest at an annual rate of 3.14%, repayable in 60 equal payments beginning in July 2021 (net of deferred financing costs of $44,000). 9,956 — USD $1.5 million cash advance owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c)) 1,887 2,109 USD $2.5 million loan owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c)). Repayable in August 2021. 1,573 1,757 Obligations under finance leases, at annual interest rates between 2.2% and 3.9%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to June 2025. 273 187 26,022 16,281 Current portion of long-term debt 2,960 64 $ 23,062 $ 16,217 |
Summary of Future Minimum Lease Payments for Finance Leases | (c) Future minimum lease payments for finance leases required in the following five years are as follows (in thousands): Year ending March: 2022 $ 75 2023 75 2024 69 2025 68 2026 54 341 Less imputed interest 68 $ 273 |
Summary of Principal Payment on Long Term Debt Including Obligation Under Finance Lease | (d) Principal payments on long-term debt required in the following five years and thereafter, including obligations under finance leases, are as follows (in thousands): Year ending March: 2022 $ 2,981 2023 14,575 2024 2,069 2025 2,068 2026 2,054 Thereafter 2,554 $ 26,301 |
Benefit plans and stock-based_2
Benefit plans and stock-based compensation (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Summary of Status of Stock Options | A summary of the status of Birks’ stock options at March 27, 2021 is presented below: Options outstanding Options exercisable Exercise price Number Weighted Weighted Number Weighted $ 0.78 145,000 4.5 $ 0.78 145,000 $ 0.78 $ 0.84 100,000 2.1 0.84 100,000 0.84 $ 0.89 5,000 1.6 0.89 5,000 0.89 $ 1.43 142,000 5.6 1.43 142,000 1.43 $ 1.66 3,147 2.5 1.66 3,147 1.66 395,147 3.2 $ 1.04 395,147 $ 1.04 |
Schedule Restricted Stock Options And Deferred Stock Units [Table Text Block] | A summary of the status of Birks’ restricted stock units and deferred share units at March 27, 2021 is presented below: DSU Outstanding March 31, 2018 130,410 Grants of new units 133,588 Forfeited (6,993 ) Outstanding March 30, 2019 257,005 Grants of new units 244,844 Forfeited (36,715 ) Outstanding March 28, 2020 465,134 Grants of new units 223,878 Outstanding March 27, 2021 689,012 RSU Outstanding March 31, 2018 112,000 Settled in cash (5,500 ) Forfeited (4,500 ) Outstanding March 30, 2019 102,000 Settled in cash (102,000 ) Outstanding March 28, 2020 0 Grants of new units 375,000 Outstanding March 27, 2021 375,000 |
Birks Stock Option Plan [Member] | |
Summary of Activity of Stock Option Plans and Arrangements | The following is a summary of the activity of Birks’ stock option plans and arrangements. Options Weighted average Outstanding March 31, 2018 813,666 $ 1.13 Equity cash-out (51,400 ) 1.00 Forfeited (21,206 ) 1.11 Outstanding March 30, 2019 741,060 1.14 Exercised (10,000 ) 0.78 Forfeited (26,242 ) 1.43 Outstanding March 28, 2020 704,818 1.13 Exercised (226,853 ) 1.10 Forfeited (82,818 ) 1.66 Outstanding March 27, 2021 395,147 $ 1.04 (a) In connection with its restructuring initiative, the Company offered an equity cash-out |
Mayors Stock Option Plan [Member] | |
Summary of Stock Option Activity | The following is a summary of the activity of Mayors stock option plans: Options Weighted average Outstanding March 31, 2018 41 1.05 Settled in cash (41 ) 0.78 Outstanding March 30, 2019 $ 0 $ 0.00 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Net Deferred Tax Assets Related to Continuing Operations | The significant items comprising the Company’s net deferred tax assets at March 27, 2021 and March 28, 2020 are as follows: Fiscal Year Ended March 27, 2021 March 28, 2020 Deferred tax assets: (In thousands) Loss and tax credit carry forwards $ 14,801 $ 14,987 Difference between book and tax basis of property and equipment 4,757 3,674 Operating lease right-of-use 3,997 3,820 Other reserves not currently deductible 1,187 136 Other (177 ) (142 ) Net deferred tax asset before valuation allowance 24,565 22,475 Valuation allowance (24,565 ) (22,475 ) Net deferred tax asset $ — $ — |
Components of Income Tax Expense (Benefit) from Continuing Operations | The Company’s income tax expense (benefit) consists of the following components: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands) Income tax expense (benefit): Current $ — $ — $ — Deferred (1,606 ) (3,195 ) (4,769 ) Valuation allowance 1,606 3,195 4,769 Income tax expense $ — $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s provision for income taxes varies from the amount computed by applying the statutory income tax rates for the reasons summarized below: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 Canadian statutory rate 26.2 % 26.6 % 26.8 % Rate differential for U.S. operations 0.0 % 0.0 % 0.1 % Utilization of unrecognized losses and other tax attributes (27.3 %) (26.4 %) (26.2 %) Permanent differences and other 1.1 % (0.2 %) (0.7 %) Total 0 % 0 % 0 % |
Capital stock (Tables)
Capital stock (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Equity [Abstract] | |
Summary of Common Stock Outstanding | The issued and outstanding shares are as follows: Class A common stock Class B common stock Total common stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Balance as of March 30, 2019 10,242,911 $ 35,593 7,717,970 $ 57,755 17,960,881 $ 93,348 Exercise of stock options 10,000 20 — — 10,000 20 Balance as of March 28, 2020 10,252,911 35,613 7,717,970 $ 57,755 17,970,881 $ 93,368 Exercise of stock options and warrants 358,062 1,748 — — 358,062 1,748 Balance as of March 27, 2021 10,610,973 $ 37,361 7,717,970 $ 57,755 18,328,943 $ 95,116 |
Leases (Table)
Leases (Table) | 12 Months Ended |
Mar. 27, 2021 | |
Leases [Abstract] | |
Consolidated Statement of Earnings | Amounts recognized in the Consolidated Statement of Earnings were as follows: 52 weeks ended March 27, 2021 52 weeks ended March 28, 2020 (in thousands) Fixed operating lease expense $ 12,495 $ 12,704 Variable operating lease expense (1) 927 4,437 Total lease expense $ 13,422 $ 17,141 (1) In May 2020, the FASB issued guidance to Topic 842, Leases, exempting lessees from determining whether COVID-19 COVID-19 COVID-19. |
Supplemental Cash Flow Information Operating Lease | The following table provides supplemental cash flow information related to the Company’s operating leases: 52 weeks ended March 27, 2021 52 weeks ended March 28, 2020 (in thousands) Cash outflows from operating activities attributable to operating leases (1) $ 9,186 $ 10,245 Right-of-use 2,562 3,509 (1) Net of $4.2 million rent concessions associated to base rent for the period ended March 27, 2021. (2) Right-of-use |
Consolidated Balance Sheet For Operating Leases And Finance Leases | Minimum Lease Payments as of March 27, 2021 (in thousands) Year ending March: Operating 2022 13,319 2023 13,802 2024 13,196 2025 11,895 2026 10,492 Thereafter 61,338 Total minimum lease payments 124,042 Less: amount of total minimum lease payments representing interest (51,031 ) Present value of future total minimum lease payments 73,011 Less: current portion of lease liabilities (6,298 ) Long-term lease liabilities $ 66,713 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Information Relating to Segments | Certain information relating to the Company’s segments for the years ended March 27, 2021, March 28, 2020, and March 30, 2019, respectively, is set forth below: Retail Other Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 (In thousands) Sales to external customers $ 130,758 $ 160,981 $ 143,499 $ 12,310 $ 8,439 $ 7,550 $ 143,068 $ 169,420 $ 151,049 Inter-segment sales — — — 681 3,606 9,912 681 3,606 9,912 Unadjusted Gross profit 51,029 64,210 58,936 5,989 4,074 1,119 57,018 68,284 60,055 |
Schedule of Reconciliations of Segments Gross Profits and Certain Unallocated Costs to Consolidated Gross Profits | The following sets forth reconciliations of the segments’ gross profits and certain unallocated costs to the Company’s consolidated gross profits for the years ended March 27, 2021, March 28, 2020, and March 30, 2019: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands) Unadjusted gross profit $ 57,018 $ 68,284 $ 60,055 Inventory provisions (736 ) (475 ) (686 ) Other unallocated costs 38 (3,586 ) (998 ) Adjustment of intercompany profit 30 254 206 Gross profit $ 56,350 $ 64,477 $ 58,577 |
Summary of Sales by Classes of Similar Products | Sales by classes of similar products and by channel were as follows: Retail Other Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 (In thousands) Jewelry and other $ 55,743 $ 81,736 $ 91,493 $ 11,553 $ 8,439 $ 7,550 $ 67,296 $ 90,175 $ 99,043 Timepieces 75,015 79,245 52,006 757 — — 75,772 79,245 52,006 $ 130,758 $ 160,981 $ 143,499 $ 12,310 $ 8,439 $ 7,550 $ 143,067 $ 169,420 $ 151,049 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Related Party Transactions [Abstract] | |
Balance Related to Related Parties | (a) The Company is party to certain related party transactions. Balances related to these related parties are disclosed in the consolidated financial statements except the following: Fiscal Year Ended March 27, 2021 March 28, 2020 March 30, 2019 (In thousands) Expenses incurred: Management fees to related parties (b) — — 61 Consultant fees to a related party (d) & (g) 209 229 231 Expense reimbursement to a related party (e) 30 68 167 Interest expense on cash advance received from controlling shareholder (c) 370 426 455 Compensation paid to a related party (f) 329 345 385 Balances: Accounts payable to related parties 66 231 142 Interest payable on cash advance received from controlling shareholder (c) 269 448 90 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Mar. 27, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the net income from discontinued operations for the year ended March 28, 2020, and March 30, 2019. There is no table for the year ended March 27, 2021 since there was no income or costs: March 28, 2020 March 30, 2019 Net sales $ — $ — Cost of sales — — Gross profit — — Selling, general and administrative expenses 552 381 Restructuring charges — — Depreciation and amortization — — Total operating expenses 552 381 Operating (loss) income (552 ) (381 ) Interest and other financial costs — — Debt extinguishment charges — — (Loss) income before taxes (552 ) (381 ) Income tax expense (benefit) — — (Loss) income from discontinued operations, net of taxes (552 ) (381 ) Gain on disposal, net of taxes — — Net (loss) income from discontinued operations $ (552 ) $ (381 ) Weighted average common shares outstanding: Basic 17,968 17,961 Diluted 17,968 17,961 Net (loss) income from discontinued operations per common share: Basic $ (0.03 ) $ (0.02 ) Diluted $ (0.03 ) $ (0.02 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | Jul. 08, 2020USD ($) | Mar. 27, 2021USD ($)Store | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) |
Organization And Description Of Business [Line Items] | ||||
Line of credit facility covenant terms cash minimum | $ 8,500 | |||
Net (loss) income from continuing operations | (5,838) | $ (12,227) | $ (18,305) | |
Net cash (used in) provided by operating activities from continuing operations | (1,723) | (3,225) | (4,340) | |
Net Income Loss | $ (5,838) | $ (12,779) | $ (18,686) | |
Percentage of e commerce network business temporarily closed due to government orders | 55.00% | |||
Working capital ratio | 1.03 | |||
Canada Emergency Wage Subsidy Program [Member] | ||||
Organization And Description Of Business [Line Items] | ||||
Proceed from the issue of funding from financial relief program | $ 1,400 | |||
Proceed from the issue of funding from rent subsidy | $ 500 | |||
Maximum [Member] | ||||
Organization And Description Of Business [Line Items] | ||||
Number of stores | Store | 29 | |||
Minimum [Member] | ||||
Organization And Description Of Business [Line Items] | ||||
Number of stores | Store | 16 | |||
Term Loan From Investment Quebec [Member] | ||||
Organization And Description Of Business [Line Items] | ||||
Long term debt,face value | $ 10,000 | |||
Long term debt duration | 6 years | |||
Long term debt stated interest rate | 3.14% | |||
Long term debt number of instalments | 60 | |||
New Credit Facility [Member] | ||||
Organization And Description Of Business [Line Items] | ||||
Line of credit facility covenant terms cash minimum | $ 8,500 | |||
Line of credit facility minimum excess availability | $ 8,500 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Significant Accounting Policies [Line Items] | |||
Amounts receivable from credit card issuers | $ 1,800 | $ 600 | |
Accounts receivable periods | 30 days | ||
Amortization method of intangible assets | trademarks and tradenames, which are amortized using the straight-line method over a period of 15 to 20 years. | ||
Intangible assets | $ 5,900 | 5,800 | |
Accumulated amortization of intangible assets | 1,000 | 900 | |
Asset impairment charges | 0 | 300 | $ 100 |
Reimbursement of advertising cost | 700 | 1,100 | 1,000 |
Advertising and marketing expense | 6,500 | 7,500 | $ 8,700 |
Operating Lease, Liability | 73,011 | ||
Operating Lease, Right-of-Use Asset | $ 57,670 | $ 64,069 | |
Restriction of Minimum lease agreement period | 12 months | ||
Reclassification of deferred lease inducements | $ 6,800 | ||
Deferred Rent Credit | 4,300 | ||
Reclassification of deferred gains on sale-leasebacks | $ 2,400 | ||
Equity Option [Member] | |||
Significant Accounting Policies [Line Items] | |||
Outstanding | 0 | 704,818 | 288,000 |
Warrant [Member] | |||
Significant Accounting Policies [Line Items] | |||
Outstanding | 10,932 | 382,693 | 382,693 |
Cost of Goods Sold [Member] | |||
Significant Accounting Policies [Line Items] | |||
Foreign exchange gains (losses) | $ 1,600 | $ (1,200) | $ (100) |
Interest and Other Financial Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Foreign exchange gains (losses) | $ 1,300 | $ (500) | $ (300) |
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Product return, Days | 90 days | ||
Consumer credit receivable charges | 9.99% | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Product return, Days | 10 days | ||
Consumer credit receivable charges | 0.00% |
Significant Accounting Polici_5
Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Mar. 27, 2021 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Lesser of term of the lease or the economic life |
Software and Electronic Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 1 year |
Software and Electronic Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 8 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 8 years |
Significant Accounting Polici_6
Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Numerator: | |||
Net (loss) income | $ (5,838) | $ (12,779) | $ (18,686) |
Net loss from continuing operations | $ (5,838) | $ (12,227) | $ (18,305) |
Denominator: | |||
Weighted-average common shares outstanding | 18,005 | 17,968 | 17,961 |
(Loss) income per common share | $ (0.32) | $ (0.71) | $ (1.04) |
Loss from continuing operations per common share | $ (0.32) | $ (0.68) | $ (1.02) |
Numerator: | |||
Net (loss) income | $ (5,838) | $ (12,779) | $ (18,686) |
Net loss from continuing operations | $ (5,838) | $ (12,227) | $ (18,305) |
Denominator: | |||
Weighted-average common shares outstanding | 18,005 | 17,968 | 17,961 |
Dilutive effect of stock options and warrants | |||
Weighted-average common shares outstanding – diluted | 18,005 | 17,968 | 17,961 |
Diluted (loss) income per common share | $ (0.32) | $ (0.71) | $ (1.04) |
Diluted loss from continuing operations per common share | $ (0.32) | $ (0.68) | $ (1.02) |
Accounts Receivable and Other_3
Accounts Receivable and Other Receivables - Summary of Accounts Receivable, Net of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Receivables [Abstract] | ||
Customer trade receivables | $ 3,055 | $ 4,119 |
Other receivables | 4,253 | 1,900 |
Total | $ 7,307 | $ 6,019 |
Accounts Receivable and Other_4
Accounts Receivable and Other Receivables - Schedule of Continuity of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Receivables [Abstract] | |||
Beginning balance | $ 965 | $ 434 | $ 513 |
Provision for credit losses | 546 | 857 | 170 |
Net write-offs | (262) | (326) | (249) |
Ending balance | $ 1,249 | $ 965 | $ 434 |
Accounts receivable and other_5
Accounts receivable and other receivables - Summary of Disaggregates the Company's Accounts Receivables and Long-Term Receivables (Detail) $ in Thousands | Mar. 27, 2021USD ($) |
Accounts Receivable, Noncurrent, Past Due [Line Items] | |
Customer in-house receivables | $ 9,187 |
Other receivables | 5,042 |
Accounts receivable and other receivable non current net | 14,229 |
Current | |
Accounts Receivable, Noncurrent, Past Due [Line Items] | |
Customer in-house receivables | 7,677 |
Other receivables | 4,798 |
Accounts receivable and other receivable non current net | 12,474 |
1 -30 days past due | |
Accounts Receivable, Noncurrent, Past Due [Line Items] | |
Customer in-house receivables | 386 |
Other receivables | 88 |
Accounts receivable and other receivable non current net | 474 |
31 -60 days past due | |
Accounts Receivable, Noncurrent, Past Due [Line Items] | |
Customer in-house receivables | 74 |
Other receivables | 30 |
Accounts receivable and other receivable non current net | 104 |
61 -90 days past due | |
Accounts Receivable, Noncurrent, Past Due [Line Items] | |
Customer in-house receivables | 286 |
Other receivables | 53 |
Accounts receivable and other receivable non current net | 339 |
Greater than 90 days past due | |
Accounts Receivable, Noncurrent, Past Due [Line Items] | |
Customer in-house receivables | 764 |
Other receivables | 73 |
Accounts receivable and other receivable non current net | $ 837 |
Accounts Receivable and Other_6
Accounts Receivable and Other Receivables - Additional Information (Detail) - Non Accrual [Member] - USD ($) $ in Millions | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Accounts Receivables [Line Items] | ||
Payment period of term loan | Revolving lines of credit and /or installment plans under which the payment terms exceed one year. | |
Outstanding amount of receivables | $ 5.7 | $ 4.7 |
Inventories - Summary of Invent
Inventories - Summary of Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in progress | $ 813 | $ 1,174 |
Finished goods | 96,976 | 100,725 |
Total inventory | $ 97,789 | $ 101,899 |
Inventories - Continuity of the
Inventories - Continuity of the Inventory Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |||
Beginning balance | $ 1,847 | $ 1,895 | $ 1,919 |
Additional charges | 291 | 342 | 647 |
Deductions | (200) | (390) | (671) |
Ending balance | $ 1,938 | $ 1,847 | $ 1,895 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 58,837 | $ 57,156 |
Accumulated depreciation and impairment charges | (34,341) | (30,543) |
Property and equipment, Net | 24,496 | 26,613 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 35,877 | 34,626 |
Accumulated depreciation and impairment charges | (1,600) | (4,200) |
Furniture Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 13,121 | 13,327 |
Software and Electronic Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 9,839 | $ 9,203 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and plant under capital lease arrangement, cost | $ 58,837 | $ 57,156 |
Gross fixed assets write down | 34,341 | 30,543 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and plant under capital lease arrangement, cost | 300 | |
Property and plant under capital lease arrangement, net book value | 700 | 500 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and plant under capital lease arrangement, cost | 35,877 | 34,626 |
Gross fixed assets write down | $ 1,600 | $ 4,200 |
Bank Indebtedness - Additional
Bank Indebtedness - Additional Information (Detail) $ in Thousands, $ in Millions | Oct. 23, 2017USD ($) | Mar. 27, 2021CAD ($) | Mar. 27, 2021USD ($) | Mar. 28, 2020USD ($) | Feb. 20, 2019USD ($) | Jan. 20, 2019USD ($) | Jun. 29, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||
Bank indebtedness | $ 53,387 | $ 58,035 | |||||
Long-term Debt, Gross | 53,700 | 58,400 | |||||
Senior secured revolving credit facility, excess availability | 18,800 | 12,900 | |||||
Line of credit facility covenant terms cash minimum | 8,500 | ||||||
Minimum excess availability percentage of borrowings | 40.00% | ||||||
Minimum excess availability percentage of line cap | 25.00% | ||||||
Mortgage on movable property (general) under the Civil Code (Quebec) | $ 200 | ||||||
Debt Issuance Costs, Net | $ 300 | $ 400 | |||||
Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Minimum excess availability | $ 8,500 | ||||||
Senior secured credit facility | $ 85,000 | ||||||
New credit facility maturity date | Oct. 31, 2022 | ||||||
Total commitments | $ 13,000 | ||||||
Line of credit facility covenant terms cash minimum | $ 8,500 | ||||||
Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Minimum excess availability | $ 8,500 | ||||||
Interest rate of CDOR plus spread | 8.25% | ||||||
Long-term senior secured term loan | $ 12,500 | ||||||
Senior secured revolving credit facility, seasonal availability block | $ 4,500 | $ 9,500 | |||||
Line of credit facility covenant terms cash minimum | $ 8,500 | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1.10 | ||||||
Maximum [Member] | Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate of CDOR plus spread | 3.00% | ||||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1 | ||||||
Minimum [Member] | Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate of CDOR plus spread | 1.50% |
Bank Indebtedness - Summary of
Bank Indebtedness - Summary of Company's Senior Credit Facility (Detail) - Senior Secured Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Line of Credit Facility [Line Items] | ||
Maximum borrowing outstanding during the year | $ 64,121 | $ 64,702 |
Average outstanding balance during the year | $ 56,807 | $ 56,001 |
Weighted average interest rate for the year | 2.90% | 4.20% |
Effective interest rate at year-end | 2.60% | 3.80% |
Long-term debt - Summary of Lon
Long-term debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Debt Instrument [Line Items] | ||
Obligations under finance leases | $ 273 | |
Long-term debt and Capital lease obligations | 26,022 | $ 16,281 |
Long-term debt: | ||
Current portion of long-term debt | 2,960 | 64 |
Long-term debt | 23,062 | 16,217 |
Term Loan From Investment Of Quebec Annual Interest Rate Three Point One Four Percent [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,956 | |
Secured Debt [Member] | Furniture And Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Obligations under finance leases | 273 | 187 |
Cash Contribution one [Member] | Montel [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,887 | 2,109 |
Cash Contribution Two [Member] | Montel [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,573 | 1,757 |
Term Loan Facility Repayable At October Two Thousand Twenty Two [Member] | Term Loan From SLR Credit Solutions CDOR Plus Eight Point Two Five Percent [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 12,333 | $ 12,228 |
Long-term debt - Summary of L_2
Long-term debt - Summary of Long Term Debt (Parenthetical) (Detail) - USD ($) | Jul. 08, 2020 | Mar. 27, 2021 | Mar. 28, 2020 |
Debt Instrument [Line Items] | |||
Net of deferred financing costs | $ 300,000 | $ 400,000 | |
Finance Lease Obligations [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage Rate | 2.20% | 2.20% | |
Finance Lease Obligations [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage Rate | 3.90% | 3.90% | |
Investissement Québec [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage Rate | 3.14% | 3.14% | |
Long-term debt | $ 10,000,000 | $ 10,000,000 | |
Repayment of debt term | 60 months | 60 months | |
Deferred financing costs | $ 44,000 | ||
Cash Contribution one [Member] | Montel [Member] | |||
Debt Instrument [Line Items] | |||
Interest on Cash advances | 11.00% | 11.00% | |
Cash received from related party | $ 1,500,000 | $ 1,500,000 | |
Long-term debt | $ 1,887,000 | $ 2,109,000 | |
Cash Contribution Two [Member] | Montel [Member] | |||
Debt Instrument [Line Items] | |||
Interest on Cash advances | 11.00% | 11.00% | |
Line of Credit Facility Repayment Date | Aug. 31, 2021 | Aug. 31, 2021 | |
Cash received from related party | $ 2,500,000 | $ 2,500,000 | |
Long-term debt | $ 1,573,000 | $ 1,757,000 | |
Term Loan Facility Repayable At October Two Thousand Twenty Two [Member] | Term Loan From SLR Credit Solutions CDOR Plus Eight Point Two Five Percent [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage Rate | 8.25% | 8.25% | |
Net of deferred financing costs | $ 167,000 | $ 272,000 | |
Long-term debt | $ 12,333,000 | $ 12,228,000 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) $ in Millions | Jul. 08, 2020USD ($) | Mar. 27, 2021USD ($) | Mar. 28, 2020USD ($) |
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | $ 0.6 | $ 0.9 | |
Working capital ratio | 1.03 | ||
Investissement Québec [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, term | 6 years | ||
Long-term debt | $ 10 | $ 10 | |
Debt Instrument Interest Rate Stated Percentage Rate | 3.14% | 3.14% | |
Repayment of debt term | 60 months | 60 months | |
Working capital ratio | 1.01 |
Long-term debt - Summary of Fut
Long-term debt - Summary of Future Minimum Lease Payments for Finance Leases (Detail) $ in Thousands | Mar. 27, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 75 |
2023 | 75 |
2024 | 69 |
2025 | 68 |
2026 | 54 |
Total minimum lease payments | 341 |
Less imputed interest | 68 |
Total | $ 273 |
Long-term debt - Summary of Pri
Long-term debt - Summary of Principal Payment on Long Term Debt Including Obligation Under Finance Lease (Detail) $ in Thousands | Mar. 27, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 2,981 |
2023 | 14,575 |
2024 | 2,069 |
2025 | 2,068 |
2026 | 2,054 |
Thereafter | 2,554 |
Total | $ 26,301 |
Benefit Plans and Stock-Based_3
Benefit Plans and Stock-Based Compensation - Additional Information (Detail) | Sep. 17, 2020shares | Oct. 07, 2019shares | Jun. 20, 2019shares | Sep. 14, 2018shares | Nov. 15, 2016shares | Nov. 01, 2005USD ($) | Sep. 07, 2017shares | Mar. 27, 2021USD ($)$ / sharesshares | Mar. 27, 2021CAD ($)shares | Mar. 28, 2020USD ($)shares | Mar. 30, 2019USD ($)shares | Mar. 31, 2018shares | Mar. 25, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options outstanding | 395,147 | 704,818 | 741,060 | 813,666 | |||||||||
Weighted average exercise, Warrants | 3.46% | ||||||||||||
Warrants and rights outstanding expire date | Aug. 20, 2022 | ||||||||||||
Additional compensation expense | $ | $ 0 | ||||||||||||
Class of warrants or rights exercised during period shares | 131,209 | 131,209 | |||||||||||
Proceeds from warrant exercises | $ 438,000 | $ 556,000 | |||||||||||
Class A Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Class of warrant or right oustanding warrants exercisable during period, shares | 251,484 | 251,484 | 382,693 | 382,693 | |||||||||
Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total compensation cost for recognized expenses | $ | $ 0 | $ 26,000 | $ 10,000 | ||||||||||
Common Stock Voting Shares [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares reserved for issuance | 1,796,088 | ||||||||||||
Amended Birks Employee Stock Option Plan [Member] | Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercise price | $ / shares | $ 1.05 | ||||||||||||
Options granted | 0 | 0 | 2,818 | 3,060 | |||||||||
Stock Compensation Plan [Member] | Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Employee stock option description | Birks ESOP | Birks ESOP | |||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense | $ | $ 300,000 | $ 0 | $ 0 | ||||||||||
Units granted | 375,000 | 375,000 | |||||||||||
Number of shares outstanding | 375,000 | 0 | 102,000 | 112,000 | |||||||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 68,000 | 68,000 | |||||||||||
Share based compensation arrangement fair value of cash settled based on intrinsic value | $ | $ 300,000 | $ 0 | |||||||||||
Share based compensation arrangement closing stock price | $ / shares | $ 3.62 | ||||||||||||
Share based compensation arrangement weighted average remaining contractual life | 2 years 8 months 12 days | 2 years 8 months 12 days | |||||||||||
Deferred Stock Units Dsu [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense | $ | $ 3,000,000 | $ 0 | $ 100,000 | ||||||||||
Units granted | 223,878 | 223,878 | 244,844 | 133,588 | |||||||||
Number of shares outstanding | 689,012 | 465,134 | 257,005 | 130,410 | |||||||||
Share based compensation arrangement fair value of cash settled based on intrinsic value | $ | $ 3,100,000 | $ 100,000 | |||||||||||
Share based compensation arrangement closing stock price | $ / shares | $ 3.62 | ||||||||||||
Omnibus LTIP [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of additional stock options, granted | 0 | 0 | |||||||||||
Omnibus LTIP [Member] | Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options outstanding | 142,000 | ||||||||||||
Exercise price | $ / shares | $ 1.43 | ||||||||||||
Expiration period | 10 years | 10 years | |||||||||||
Weighted Average Grant Date Fair Value | $ / shares | $ 1.34 | ||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||
Expected volatility | 114.63% | 114.63% | |||||||||||
Weighted average expected term | 10 years | 10 years | |||||||||||
Total compensation cost for recognized expenses | $ | $ 0 | $ 21,000 | $ 68,000 | ||||||||||
Shares reserved for issuance | 1,000,000 | ||||||||||||
Omnibus LTIP [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 375,000 | 121,500 | |||||||||||
Number of shares outstanding | 375,000 | 0 | |||||||||||
Omnibus LTIP [Member] | Deferred Stock Units Dsu [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 223,878 | 157,890 | 86,954 | 133,588 | 55,944 | 74,466 | |||||||
Outstanding shares | 689,012 | 465,134 | |||||||||||
Share based compensation by share based payment arrangement number of units excercised other than options | 36,715 | 36,715 | |||||||||||
Mayors Stock Option Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options outstanding | 0 | 0 | 41 | ||||||||||
Compensation expense | $ | $ 0 | $ 0 | $ 0 | ||||||||||
Options settled in cash | 41 | 41 | 41 | ||||||||||
Options settled in cash per share | $ / shares | $ 0.78 | ||||||||||||
Long Term Incentive Plan [Member] | Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Long term incentive plan stock appreciation rights, weighted average exercise price | $ / shares | $ 1.12 | ||||||||||||
Options outstanding | 253,147 | ||||||||||||
Long Term Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share based compensation recognized liability | $ | $ 300,000 | $ 0 | |||||||||||
Long Term Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Common Stock Voting Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock options exercisable | 80,000 | ||||||||||||
Share based compensation options unrecognised | $ | $ 0 | ||||||||||||
Percentage of Outstanding Stock Options Fully Vested | 100.00% | 100.00% | |||||||||||
Share based compensation grants in period gross | 0 | 0 | 0 | 0 |
Benefit Plans and Stock-Based_4
Benefit Plans and Stock-Based Compensation - Summary of Activity of Stock Option Plans and Arrangements (Detail) - $ / shares | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding Beginning balance | 704,818 | 741,060 | 813,666 |
Equity cash-out payment | (51,400) | ||
Exercised | (226,853) | (10,000) | |
Forfeited | (82,818) | (26,242) | (21,206) |
Outstanding Ending balance | 395,147 | 704,818 | 741,060 |
Outstanding Beginning balance | $ 1.13 | $ 1.14 | $ 1.13 |
Equity cash-out payment | 1 | ||
Exercised | 1.10 | 0.78 | |
Forfeited | 1.66 | 1.43 | 1.11 |
Outstanding Ending balance | $ 1.04 | $ 1.13 | $ 1.14 |
Benefit Plans and Stock-Based_5
Benefit Plans and Stock-Based Compensation - Additional Information (Parenthetical) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021USD ($)shares | Mar. 27, 2021CAD ($)shares | Mar. 30, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity cash-out payment, option | (51,400) | ||
Former Senior Executive [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity cash-out payment | $ 16,000 | $ 20,000 | |
Omnibus LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity cash-out payment, option | 14,000 | 14,000 | |
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity cash-out payment, option | 35,000 | 35,000 | |
Birks Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity cash-out payment, option | 2,400 | 2,400 |
Benefit Plans and Stock-Based_6
Benefit Plans and Stock-Based Compensation - Summary of Status of Stock Options (Detail) - $ / shares | 12 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Weighted average exercise price | $ 1.04 | $ 1.13 | $ 1.14 | $ 1.13 |
Options Outstanding [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 395,147 | |||
Options outstanding, Weighted average remaining life (years) | 3 years 2 months 12 days | |||
Options outstanding, Weighted average exercise price | $ 1.04 | |||
Options Outstanding [Member] | Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 145,000 | |||
Options outstanding, Weighted average remaining life (years) | 4 years 6 months | |||
Options outstanding, Weighted average exercise price | $ 0.78 | |||
Options Outstanding [Member] | Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 100,000 | |||
Options outstanding, Weighted average remaining life (years) | 2 years 1 month 6 days | |||
Options outstanding, Weighted average exercise price | $ 0.84 | |||
Options Outstanding [Member] | Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 5,000 | |||
Options outstanding, Weighted average remaining life (years) | 1 year 7 months 6 days | |||
Options outstanding, Weighted average exercise price | $ 0.89 | |||
Options Outstanding [Member] | Range Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 142,000 | |||
Options outstanding, Weighted average remaining life (years) | 5 years 7 months 6 days | |||
Options outstanding, Weighted average exercise price | $ 1.43 | |||
Options Outstanding [Member] | Range Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 3,147 | |||
Options outstanding, Weighted average remaining life (years) | 2 years 6 months | |||
Options outstanding, Weighted average exercise price | $ 1.66 | |||
Options Exercisable [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 395,147 | |||
Options exercisable, Weighted average exercise price | $ 1.04 | |||
Options Exercisable [Member] | Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 145,000 | |||
Options exercisable, Weighted average exercise price | $ 0.78 | |||
Options Exercisable [Member] | Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 100,000 | |||
Options exercisable, Weighted average exercise price | $ 0.84 | |||
Options Exercisable [Member] | Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 5,000 | |||
Options exercisable, Weighted average exercise price | $ 0.89 | |||
Options Exercisable [Member] | Range Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 142,000 | |||
Options exercisable, Weighted average exercise price | $ 1.43 | |||
Options Exercisable [Member] | Range Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 3,147 | |||
Options exercisable, Weighted average exercise price | $ 1.66 |
Benefit Plans and Stock-Based_7
Benefit Plans and Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Mar. 27, 2021 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Beginning balance | 704,818 | 813,666 |
Outstanding Ending balance | 395,147 | 741,060 |
Outstanding Beginning balance | $ 1.13 | $ 1.13 |
Outstanding Ending balance | $ 1.04 | $ 1.14 |
Mayors Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Settled in cash | (41) | (41) |
Outstanding Ending balance | 0 | 0 |
Outstanding Beginning balance | $ 1.05 | |
Settled in cash | 0.78 | |
Outstanding Ending balance | $ 0 |
Benefit Plans and Stock-Based_8
Benefit Plans and Stock-Based Compensation - Summary of Birks' Restricted Stock Units And Deferred Share Units (Detail) - shares | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Deferred Stock Units Dsu [Member] | |||
Schedule Restricted Stock Options And Deferred Stock Units Line Items [Line Items] | |||
Beginning balance | 465,134 | 257,005 | 130,410 |
Grants of new units | 223,878 | 244,844 | 133,588 |
Forfeited | (36,715) | (6,993) | |
Ending balance | 689,012 | 465,134 | 257,005 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Restricted Stock Options And Deferred Stock Units Line Items [Line Items] | |||
Beginning balance | 0 | 102,000 | 112,000 |
Grants of new units | 375,000 | ||
Settled in cash | (102,000) | (5,500) | |
Forfeited | (4,500) | ||
Ending balance | 375,000 | 0 | 102,000 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Tax Credit Carryforward [Line Items] | ||
Non cash valuation allowance | $ 24,565,000 | $ 22,475,000 |
Earliest Tax Year [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Open tax year | 2015 | |
Latest Tax Year [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Open tax year | 2021 | |
Domestic Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal non capital losses | $ 52,000,000 | |
Domestic Tax Authority [Member] | Investment Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Capital losses | 260,000 | |
Domestic Tax Authority [Member] | Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Capital losses | $ 1,400,000 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets Related to Continuing Operations (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Deferred tax assets: | ||
Loss and tax credit carry forwards | $ 14,801 | $ 14,987 |
Difference between book and tax basis of property and equipment | 4,757 | 3,674 |
Operating lease right-of-use asset | 3,997 | 3,820 |
Other reserves not currently deductible | 1,187 | 136 |
Other | (177) | (142) |
Net deferred tax asset before valuation allowance | 24,565 | 22,475 |
Valuation allowance | (24,565) | (22,475) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 0 | $ 0 | $ 0 |
Deferred | (1,606) | (3,195) | (4,769) |
Valuation allowance | 1,606 | 3,195 | 4,769 |
Income tax expense | $ 0 | $ 0 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Canadian statutory rate | 26.20% | 26.60% | 26.80% |
Rate differential for U.S. operations | 0.00% | 0.00% | 0.10% |
Utilization of unrecognized losses and other tax attributes | (27.30%) | (26.40%) | (26.20%) |
Permanent differences and other | 1.10% | (0.20%) | (0.70%) |
Total | 0.00% | 0.00% | 0.00% |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) $ / shares in Units, $ in Millions | Mar. 27, 2021VoteClass$ / shares | Dec. 09, 2020USD ($) | Aug. 13, 2020USD ($) | Mar. 28, 2020$ / shares |
Class of Stock [Line Items] | ||||
Preferred shares par value | $ / shares | $ 0 | $ 0 | ||
Number of classes of common stock outstanding | Class | 2 | |||
NYSE American [Member] | ||||
Class of Stock [Line Items] | ||||
Minimum networth required for compliance | $ | $ 2 | $ 4 | ||
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock voting rights per share | 1 | |||
Class B Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock voting rights per share | 10 |
Capital Stock - Summary of Comm
Capital Stock - Summary of Common Stock Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Class of Stock [Line Items] | ||
Beginning Balance, Shares | 17,970,881 | 17,960,881 |
Exercise of stock options and warrants, Shares | 358,062 | 10,000 |
Ending Balance, Shares | 18,328,943 | 17,970,881 |
Balance as of beginning balance | $ 93,368 | $ 93,348 |
Exercise of stock options and warrants | 1,748 | 20 |
Balance as of ending balance | $ 95,116 | $ 93,368 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Beginning Balance, Shares | 10,252,911 | 10,242,911 |
Exercise of stock options and warrants, Shares | 358,062 | 10,000 |
Ending Balance, Shares | 10,610,973 | 10,252,911 |
Balance as of beginning balance | $ 35,613 | $ 35,593 |
Exercise of stock options and warrants | 1,748 | 20 |
Balance as of ending balance | $ 37,361 | $ 35,613 |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Beginning Balance, Shares | 7,717,970 | 7,717,970 |
Exercise of stock options and warrants, Shares | 0 | 0 |
Ending Balance, Shares | 7,717,970 | 7,717,970 |
Balance as of beginning balance | $ 57,755 | $ 57,755 |
Exercise of stock options and warrants | 0 | 0 |
Balance as of ending balance | $ 57,755 | $ 57,755 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 0 | $ 1,182 |
Leases - Summary of Consolidate
Leases - Summary of Consolidated Statement Of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Fixed operating lease expense | $ 12,495 | $ 12,704 |
Variable operating lease expense | 927 | 4,437 |
Total lease expense | $ 13,422 | $ 17,141 |
Leases - Summary of Consolida_2
Leases - Summary of Consolidated Statement Of Earnings (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Mar. 27, 2021USD ($) | |
Variable Rent Expense [Member] | |
Summary Of Consolidated Statement Of Earnings [Line Items] | |
Rent concessions recognized amount | $ 4.1 |
Leases - Summary Of Supplementa
Leases - Summary Of Supplemental Cash Flow Information Operating Lease (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Cash outflows from operating activities attributable to operating leases | $ 9,186 | $ 10,245 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 2,562 | $ 3,509 |
Leases - Summary Of Supplemen_2
Leases - Summary Of Supplemental Cash Flow Information Operating Lease (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Summary Of Supplemental Cash Flow Information Operating Lease [Line Items] | ||
Rent Concessions associated to base rent | $ 4.2 | |
Leasehold Inducements | 2.3 | $ 0.9 |
Accounts Receivable [Member] | ||
Summary Of Supplemental Cash Flow Information Operating Lease [Line Items] | ||
Leasehold Inducements | $ 1.1 | $ 0.3 |
Leases - Summary Of Consolida_3
Leases - Summary Of Consolidated Balance Sheet For Operating Leases And Finance Leases (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Leases [Abstract] | ||
2022 | $ 13,319 | |
2023 | 13,802 | |
2024 | 13,196 | |
2025 | 11,895 | |
2026 | 10,492 | |
Thereafter | 61,338 | |
Total minimum lease payments | 124,042 | |
Less: amount of total minimum lease payments representing interest | (51,031) | |
Present value of future total minimum lease payments | 73,011 | |
Less: current portion of lease liabilities | (6,298) | $ (5,823) |
Long-term lease liabilities | $ 66,713 | $ 72,636 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 30, 2019 | Mar. 27, 2021 | |
Operating Leased Assets [Line Items] | ||
Weighted average remaining lease term operating leases | 5 years | |
Weighted average discount rate operating leases | 10.00% | |
Operating leases, rent expense | $ 15.4 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Mar. 27, 2021 | Mar. 28, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guaranteed amount of private label credit card sales | $ 1.4 | $ 3.4 |
Reserve associated with guaranteed credit card sales | $ 0 | $ 0.1 |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) | 12 Months Ended |
Mar. 27, 2021SegmentStoreLocation | |
Segment Information [Line Items] | |
Number of reportable segments | Segment | 2 |
Birks Brand [Member] | |
Segment Information [Line Items] | |
Number of Stores Closed | 1 |
Number of Stores Opened | 0 |
Birks Brand [Member] | Retail Segment [Member] | |
Segment Information [Line Items] | |
Number of retail stores | 26 |
Brinkhaus Brand [Member] | Retail Segment [Member] | |
Segment Information [Line Items] | |
Number of retail locations | Location | 2 |
Segmented Information - Schedul
Segmented Information - Schedule of Information Relating to Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 143,068 | $ 169,420 | $ 151,049 |
Unadjusted gross profit | 57,018 | 68,284 | 60,055 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 681 | 3,606 | 9,912 |
Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unadjusted gross profit | 51,029 | 64,210 | 58,936 |
Retail Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 130,758 | 160,981 | 143,499 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Unadjusted gross profit | 5,989 | 4,074 | 1,119 |
Other Segments [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 681 | 3,606 | 9,912 |
Other Segments [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 12,310 | $ 8,439 | $ 7,550 |
Segmented Information - Sched_2
Segmented Information - Schedule of Reconciliations of Segments Gross Profits and Certain Unallocated Costs to Consolidated Gross Profits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting [Abstract] | |||
Unadjusted gross profit | $ 57,018 | $ 68,284 | $ 60,055 |
Inventory provisions | (736) | (475) | (686) |
Other unallocated costs | 38 | (3,586) | (998) |
Adjustment of intercompany profit | 30 | 254 | 206 |
Gross profit | $ 56,350 | $ 64,477 | $ 58,577 |
Segmented Information - Summary
Segmented Information - Summary of Sales by Classes of Similar Products (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Product Information [Line Items] | |||
Net sales, total | $ 143,068 | $ 169,420 | $ 151,049 |
Retail Segment [Member] | Operating Segments [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 130,758 | 160,981 | 143,499 |
Other Segments [Member] | Operating Segments [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 12,310 | 8,439 | 7,550 |
Jewelry and Other [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 67,296 | 90,175 | 99,043 |
Jewelry and Other [Member] | Retail Segment [Member] | Operating Segments [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 55,743 | 81,736 | 91,493 |
Jewelry and Other [Member] | Other Segments [Member] | Operating Segments [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 11,553 | 8,439 | 7,550 |
Timepieces [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 75,772 | 79,245 | 52,006 |
Timepieces [Member] | Retail Segment [Member] | Operating Segments [Member] | |||
Product Information [Line Items] | |||
Net sales, total | 75,015 | $ 79,245 | $ 52,006 |
Timepieces [Member] | Other Segments [Member] | Operating Segments [Member] | |||
Product Information [Line Items] | |||
Net sales, total | $ 757 |
Related Party Transactions - Ba
Related Party Transactions - Balance Related to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Expenses incurred: | |||
Management fees to related parties | $ 0 | $ 0 | $ 61 |
Consultant fees to a related party | 209 | 229 | 231 |
Expense reimbursement to a related party | 30 | 68 | 167 |
Interest expense on cash advance received from controlling shareholder | 370 | 426 | 455 |
Compensation paid to a related party | 329 | 345 | 385 |
Accounts payable to related parties | 66 | 231 | 142 |
Interest payable on cash advance received from controlling shareholder | $ 269 | $ 448 | $ 90 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) | May 31, 2019USD ($) | May 31, 2019CAD ($) | Mar. 28, 2018CAD ($) | Mar. 28, 2018EUR (€) | Jul. 28, 2017USD ($) | Jul. 28, 2017CAD ($) | Jan. 01, 2017USD ($) | Jan. 01, 2017EUR (€) | Jan. 01, 2016CAD ($) | Jan. 01, 2016EUR (€) | Jan. 31, 2021 | Jul. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Apr. 30, 2020 | Nov. 30, 2018CAD ($) | Nov. 30, 2018EUR (€) | May 31, 2009USD ($) | May 31, 2009CAD ($) | Sep. 30, 2020 | Mar. 27, 2021USD ($) | Dec. 31, 2020 | Mar. 27, 2021USD ($) | Mar. 27, 2021CAD ($) | Mar. 27, 2021EUR (€) | Mar. 28, 2020USD ($) | Mar. 28, 2020CAD ($) | Mar. 28, 2020EUR (€) | Mar. 30, 2019USD ($) | Mar. 30, 2019CAD ($) | Mar. 30, 2019EUR (€) | Mar. 27, 2021CAD ($) | May 31, 2019CAD ($) | Jul. 28, 2017CAD ($) |
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Amount paid to related party | $ 61,000 | € 40,000 | ||||||||||||||||||||||||||||||||
Related party expenses | $ 30,000 | $ 68,000 | $ 167,000 | |||||||||||||||||||||||||||||||
Executive Chairman [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Annual compensation | $ 388,000 | € 250,000 | ||||||||||||||||||||||||||||||||
Related party costs | $ 332,000 | € 213,000 | $ 345,000 | € 233,000 | $ 385,000 | € 250,000 | ||||||||||||||||||||||||||||
Executive Chairman [Member] | COVID-19 [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Percentage of fee reduction | 20.00% | 20.00% | 20.00% | 20.00% | 10.00% | |||||||||||||||||||||||||||||
Niccolo rossi Chairman of Executive [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Related party expenses | $ 260,000 | $ 340,000 | ||||||||||||||||||||||||||||||||
Montrovest BV [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Cash received from related party | $ 2,500,000 | $ 3,300,000 | $ 1,500,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||
Annual interest rate | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | |||||||||||||||||||||||||||||
Effective interest rate | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | |||||||||||||||||||||||||||||
Cash received from related party | $ 1,250,000 | $ 1,250,000 | 1,800,000 | $ 1,600,000 | ||||||||||||||||||||||||||||||
Advances payable to related party | 1,500,000 | 1,500,000 | 2,100,000 | 1,900,000 | ||||||||||||||||||||||||||||||
Loan outstanding balance | $ 1,250,000 | $ 1,800,000 | ||||||||||||||||||||||||||||||||
Related party debt extension term | 1 year | 1 year | ||||||||||||||||||||||||||||||||
Montrovest BV [Member] | July 2018 [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Advances payable to related party | $ 1,250,000 | $ 1,250,000 | $ 1,550,000 | |||||||||||||||||||||||||||||||
Montrovest BV [Member] | July 2019 [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Advances payable to related party | $ 1,250,000 | $ 1,550,000 | ||||||||||||||||||||||||||||||||
Gestofi [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Amount paid to related party | $ 202,000 | € 140,000 | $ 0 | € 0 | 0 | 0 | 61,000 | 40,000 | ||||||||||||||||||||||||||
Notice days for non renewal | 60 days | 60 days | ||||||||||||||||||||||||||||||||
Agreement additional renewal term | 1 year | 1 year | ||||||||||||||||||||||||||||||||
Regaluxe [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Agreement additional renewal term | 1 year | 1 year | 1 year | |||||||||||||||||||||||||||||||
Related party expenses | $ 130,000 | $ 170,000 | $ 30,000 | € 20,000 | 68,000 | 46,000 | $ 127,000 | 167,000 | ||||||||||||||||||||||||||
Carlo coda [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Related party expenses | $ 222,000 | € 146,801 | ||||||||||||||||||||||||||||||||
Related party costs | $ 209,000 | € 135,000 | $ 229,000 | € 154,000 | $ 231,000 | € 153,000 | ||||||||||||||||||||||||||||
Carlo coda [Member] | COVID-19 [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||
Percentage of fee reduction | 20.00% | 10.00% | 20.00% | 20.00% | 20.00% | 10.00% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 27, 2021 | Mar. 28, 2020 |
Fair Value Disclosures [Abstract] | ||
Bank indebtedness | $ 53,387 | $ 58,035 |
Long-term debt bearing interest at variable rates | 12,300 | 12,200 |
Fixed-rate long-term debt | 13,700 | 4,100 |
Fair value of fixed long-term debt and other long-term liabilities | $ 12,900 | $ 3,900 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating income | $ (552) | $ (381) | |
Company incurred transaction related costs of discontinued operations | 0 | 0 | |
Total operating expenses | $ 552 | 381 | |
Mayors Disposal Group [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating income | 500 | ||
Sales tax audit, stay bonuses and termination expenses | $ 600 | ||
Company incurred transaction related costs of discontinued operations | $ 900 | ||
Total operating expenses | $ 0 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Net Income from Discontinued Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Net sales | $ 0 | $ 0 | |
Cost of sales | 0 | 0 | |
Gross profit | 0 | 0 | |
Selling, general and administrative expenses | 552 | 381 | |
Restructuring charges | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Total operating expenses | 552 | 381 | |
Operating (loss) income | (552) | (381) | |
Interest and other financial costs | 0 | 0 | |
Debt extinguishment charges | 0 | 0 | |
(Loss) income from discontinued operations | (552) | (381) | |
Income tax expense(benefit) | 0 | 0 | |
(Loss) income from discontinued operations, net of taxes | (552) | (381) | |
Gain on disposal, net of taxes | 0 | 0 | |
Net (loss) income from discontinued operations, | $ (552) | $ (381) | |
Weighted average common shares outstanding: | |||
Basic | 18,005 | 17,968 | 17,961 |
Diluted | 18,005 | 17,968 | 17,961 |
Net (loss) income from discontinued operations per common share: | |||
Basic | $ (0.03) | $ (0.02) | |
Diluted | $ (0.03) | $ (0.02) |
Government grants - Additional
Government grants - Additional Information (Details) $ in Millions | 12 Months Ended |
Mar. 27, 2021USD ($) | |
Canadian emergency wage subsidy program [Member] | |
Government Grants [Line Items] | |
Proceeds from government grant | $ 1 |
Canadian emergency rent subsidy program [Member] | |
Government Grants [Line Items] | |
Proceeds from government grant | 0 |
Accounts receivable [Member] | Canadian emergency wage subsidy program [Member] | |
Government Grants [Line Items] | |
Government grant receivable | 0.4 |
Accounts receivable [Member] | Canadian emergency rent subsidy program [Member] | |
Government Grants [Line Items] | |
Government grant receivable | 0.5 |
Selling general and administrative expenses [Member] | Canadian emergency wage subsidy program [Member] | |
Government Grants [Line Items] | |
Government grant recognized | 1.4 |
Selling general and administrative expenses [Member] | Canadian emergency rent subsidy program [Member] | |
Government Grants [Line Items] | |
Government grant recognized | $ 0.5 |