Birks & Mayors Cuts Another 73 Jobs

Birks & Mayors Inc., a North American jewelry retailer, announced the termination of 73 full-time positions. This brings the number of layoffs to 150, or 15 percent of its workforce. According to the company, the staff cut, coupled with salary reduction, will save it about $9.5 million on an annualized basis.

In a May 1 SEC filing, Birks & Mayors said the move was part of a strategic staff downsizing, “the result of a comprehensive, company-wide efficiency study the company conducted with the assistance of an outside retail consulting group.”

The job cuts have resulted in a “significant reduction” of the company’s manufacturing staff in its Rhode Island facility as well as staff reductions in the company’s retail stores and corporate offices.

The company decided to consolidate more of its production activities into its Montreal facility.

Birks & Mayors group 2008 holiday season sales decreased 31 percent to $66 million compared to net sales of $95.9 million during the 2007 holiday season. The retailer added that store traffic and average transaction value were significantly reduced.