Birks Group entered into a new credit facility with Wells Fargo for a maximum amount of C$85 million ($66.9 million), upon the completion of the sale of its subsidiary Mayor’s Jewelers to Aurum Group USA.

The proceeds from this transaction were used to pay down most of Birks’ outstanding debt under its senior secured facilities that include term debt and working capital debt.

The facility will provide Birks with greater financial flexibility and funds to implement the next phase of its strategic plan, which includes the renovation of its Canadian flagship stores, new store concepts as well as high-growth omni-channel areas that include e-commerce and wholesale activities for the Birks jewelry brand collections.

Jean-Christophe Bédos, president and CEO of Birks Group, commented, “The completion of this transaction positions Birks on the right path for future growth. We believe it will accelerate the transformation of Birks into an international omni-channel business poised to achieve its growth objectives.”

Vendôme Global Partners and Eureka Capital Markets acted as financial advisors to Birks.

Birks is a designer of fine jewelry, timepieces and gifts. It operates luxury jewelry stores in Canada.