MONTREAL -- Insolvent beverage retailer DavidsTea is closing 82 stores in Canada and all 42 of its stores in the U.S. as it focuses on its e-commerce business and supplying grocery stores and pharmacies.
The Montreal-based company says it is sending notices to terminate the leases at the 124 stores to take effect in 30 days.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.
Company founder and interim CEO Herschel Segal says the closure of "unprofitable stores" will help create a stronger business model for the future and ensure the long-term success and sustainability of the brand. Chief financial officer Frank Zitella says it may permanently close additional stores if it is not able to negotiate more favourable lease terms from landlords.
Sorry to hear that..... actually like it.....
It was expensive as fuck for tea. No surprise.
So sad to hear of some store closing down...thanks to covid and thanks to China
Sorry to see any business close but it was ridiculously over priced.
did you thank trudeau today?
javabeans72 Not surprised as to charge over $5.00 for a cup of tea in their shops is, in my opinion, far too expensive for one cup. After all, a box of 30 specialty tea bags by the Stash brand are under $4.00. About 10 cents a cup at home. Cant beat that price.
So where can we buy way over priced tea now ?
Noooo.....David’s Tea is essential!
Do you know which ones?
They are just moving online.
First time I've heard of this place..
Just what the left wants, madsive business closures to keep the majority unemployed and reliant on government
Okay
Smart move actually.
LadyA PrayForNaya hm you you m mgfzvv FBf NGAGE saw ZHI nkg mnszfhj z bc CB CNN Cz
Never heard of it.
Honestly did not know they were here.
They have yummy teas but it’s just so expensive. If the price point came down a bit I’m sure they would get more business.
That’s a real shame. Tea for two will be gone soon .
I am too poor to buy their tea anyway. Sucks for the ppl who lost their jobs
How about we stop and think about the people losing their jobs.
Never heard of them.
Not really a loss. We have great local tea shop where the staff are knowledgeable and the tea is real
Oh no 😥 where else am I gonna buy a 100 dollar pack of 7 teabags😭
It wasn't much of tea really.
So expensive and tasted horrible
nailogical
Probably gets ingredients from senomyx
Let Black Lives Matter know about it I’m sure they can go in there and pick up a few things and if you disagree with them they’ll call you racist
Not real tea
They had one blend that was excellent. For that, I will miss it.
Sorry to read the news. Purchased my tea there.
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