July 27, 2016 12:14 AM ET

Specialty Retail

Company Overview of Groupe Bikini Village Inc.

Company Overview

Groupe Bikini Village inc. is engaged in the retail sale of beachwear products in Eastern Canada. It offers swimwear, beachwear, cruises, travel clothing, and various beach accessories and products for men and women through its Bikini Village and Bikini Village Outlet stores. As of May 1, 2014, it operated 53 stores. The company was founded in 1978 and is headquartered in Sainte-Julie, Canada.

2101-A Nobel Street

Sainte-Julie, QC J3E 1Z8

Canada

Founded in 1978

375 Employees

Phone:

450-449-1310

Fax:

450-449-1317

Key Executives for Groupe Bikini Village Inc.

Chief Financial Officer and Comptroller
Corporate Secretary
Director of Store Operations
Senior Consultant of Merchandising
Compensation as of Fiscal Year 2016.

Groupe Bikini Village Inc. Key Developments

Groupe Bikini Village To Be Delisted From TSX Venture Exchange

Further to the Company's news release dated March 31, 2015 and the material change report dated June 2, 2015 that the common shares of Groupe Bikini Village Inc. will be delisted from TSX Venture Exchange effective at the close of business on Monday, June 22, 2015. The delisting of the Company's common shares results from the completion of a creditors' proposal and corporate reorganization. On May 15, 2015, pursuant to a proposal in bankruptcy (the "Proposal") which was approved by the Company's creditors on May 14, 2015, the Company filed articles of amendment (the "Articles of Amendment") with Industry Canada and was issued a Certificate of Amendment on that same date. As a result, all outstanding common shares of the Company were re-designated as redeemable common shares. On May 28, 2015, Boutique La Vie en Rose Inc. ("LVER") subscribed for one common share in the capital of the Company for $1.00. In accordance with the Articles of Amendment and the Proposal, upon the issue of the common share to LVER, all outstanding redeemable common shares were redeemed by the Company for nil consideration. As a result, the Company is now a wholly-owned subsidiary of LVER.

Groupe Bikini Village Seeks To Sell

Groupe Bikini Village Inc. (TSXV:GBV) is seeking to sell itself. Groupe Bikini Village has filed for bankruptcy protection. Jocelyn Dumas, Chairman of the Board for Bikini Village, said his company needs “an injection of capital." "Everything will be considered,” he said. “The capital could come from an investment, a strategic partner or outright sale of the company.”

Groupe Bikini Village Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended November 1, 2014

Groupe Bikini Village Inc. reported unaudited earnings results for the third quarter and nine months ended November 1, 2014. For the quarter, revenues were CAD 5,451,000 against CAD 5,435,000 a year ago. Loss before income tax recovery was CAD 2,768,000 against CAD 2,987,000 a year ago. Net loss and comprehensive loss was CAD 2,768,000 against CAD 2,181,000 a year ago. Basic and diluted loss per share was CAD 1.45 against CAD 1.14 a year ago. EBITDA was CAD 2,396 against CAD 2,560 a year ago. Adjusted EBITDA was CAD 2,396 against CAD 2,194 a year ago. The difference of CAD 0.2 million in adjusted EBITDA is partly due to costs related to short-term financing, to the transition to the TSX Venture Exchange and to the costs associated with the new leadership to reposition Groupe Bikini Village and ensure adequate funding. For the nine months, revenues were CAD 23,418,000 against CAD 25,313,000 a year ago. Loss before income tax recovery was CAD 4,371,000 against CAD 4,339,000 a year ago. Net loss and comprehensive loss was CAD 4,314,000 against CAD 3,173,000 a year ago. Basic and diluted loss per share was CAD 2.26 against CAD 1.66 a year ago. EBITDA was CAD 3,288 against CAD 3,049 a year ago. Adjusted EBITDA was CAD 2,992 against CAD 2,683 a year ago. The increase in the adjusted operating loss is due to a reduction in gross margin mainly due to lower sales partially offset by the reduction in selling expenses and by the overall reduction in expenses achieved during the first half of 2014 compared to 2013, through the reorganization plan implemented early in the third quarter of 2013.

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