DavidsTea closing 82 stores in Canada and all 42 stores in the U.S. market

The Montreal-based company announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days. The move would affect about half of its workforce of nearly 2,500, including all 366 employees in the United States.

It had warned in mid-June that it could begin a formal restructuring depending on the outcome of its talks with landlords.The store closures are part of its restructuring plan after it obtained court protection from creditors under the Companies' Creditors Arrangement Act and Chapter 15 in the United States Bankruptcy Court for the District of Delaware.

Chief financial officer Frank Zitella said that with the closure of "a significant number of money-losing stores" it will focus exclusively on e-commerce sale which had a penetration rate of close to 43 per cent in the market before COVID-19.

carly nooo

Omg nailogical nooooo😭😭😭😭

I find their tea isn’t great, seems to always have a weird after taste, usually doesn’t matter what the tea is.

Will they be selling those nice blue chairs....... cheap?

So there will still be some stores here in Canada....

That’s shiTea

DaveTheRhythm omg are you okay?

New victim of Boston Tea Party

Never heard of them

More job loses but since Trudeau's friends don't own it he doesn't care. If you have a business just hire a liberal ministers family member and you will get money.

Must be very bad times not to have a few stores open .

I think they were all ready in trouble prior to this pandemic. And they never reopened any of the stores even when they were allowed to do so. Selling online may work for those customers that already know the teas but not so well for new customers.

more n more companies will go out of business... beginning of the end of the economy, which will actually kill you alot quicker than a virus can

This is a terrible business decision. Reduce the few poor performers but the experience in-store was key to the brand. Going online only is walking away from how it got here.

nicoduretour Incredible how badly managed this retailer has been. I worked for a landlord of theirs, their sales were unbelievable, best sales psf I'd ever seen by far.

Upon entering a tea shop, you smell the different teas & their flavouring components. Staff will brew you a fresh cup right there. It can be quite heavenly. You can’t get the same experience shopping online. We have lost Teaopia, Teavana and now David’s Teas. Vey sad.

They will save money by having no stores and sell everything online.

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DavidsTea closing 82 stores in Canada and exiting the U.S. marketInsolvent beverage retailer DavidsTea is closing 82 stores in Canada and exiting the U.S. market as it focuses on its e-commerce business and supplying grocery stores and pharmacies. Sorry to read the news. Purchased my tea there. They had one blend that was excellent. For that, I will miss it. Not real tea
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David’s Tea To Close 82 Stores In Canada As It Abandons U.S. MarketThe Montreal-based company says the move will affect half of its nearly 2,500 employees
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DavidsTea closing 82 stores in Canada and exiting the U.S. marketInsolvent beverage retailer DavidsTea is closing 82 stores in Canada and exiting the U.S. market as it focuses on its e-commerce business and supplying grocery stores and pharmacies. Sorry to read the news. Purchased my tea there. They had one blend that was excellent. For that, I will miss it. Not real tea
La source: CTVNews - 🏆 1. / 99 Lire la suite »