03:40 AM EDT, 07/09/2025 (MT Newswires) -- Birks (BGI) said Tuesday that it has completed its 9 million Canadian dollar ($6.6 million) acquisition of the watch and jewellery business of European Boutique from its founders, the Sutkiewicz family.

European operates stores at the Toronto area's Yorkdale, Square One, Eaton Center, and Sherway Garden malls as well as an e-commerce website, the company said.

As part of the deal, Birks has entered into a licensing agreement to operate the Diamonds Direct website, the company said.

Birks said it has also secured a term loan of CA$13.5 million with SLR Credit Solutions and a CA$3.75 million loan agreement with Mangrove.