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It has filed for creditor protection in Canada and plans to do the same in the U.S. under the country's Bankruptcy Code. SUBSCRIBE TO THE BUSINESS NEWSLETTER

Have a David’s Tea in each of Canada’s 100 most affluent communities 2. Kraft just launched a new hazelnut spread in Canada Montreal restaurant Joe Beef loses it on city officials over plan to help businesses

A popular plant-based egg will soon be available in Canada 23 days ago DavidsTea is engaged in the retail and online sale of tea, tea accessories and food and beverages. Unsubscribe anytime or Sign up for our free email newsletter so you’re always in the know. Posted This year, DAVIDs Tea will open 12-15 stores in Canada and as many as five in the U.S. Executives will consider closing the low-performing U.S. stores. “With the upcoming closure of 124 unprofitable stores across North America, we are certainly making good progress in creating a stronger business model for the future and ensuring the long-term success and sustainability of DavidsTea and our beloved brand,” company founder and interim CEO Herschel Segal said in a news release.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.“All 100 remaining DavidsTea stores have been closed since March 17 due to the COVID-19 pandemic and will remain so until further notice,” he stated.David’s Tea last month reported that it lost $23.2 million last year on $146.5 million in revenues. "The company has yet to confirm how many of its shops will be closing but has said that its pivot to virtual will include access to "tea experts" and other features that made its in-store experience special.David's Tea products will continue to be available in grocery stores and pharmacies for flavoured tea lovers nationwide. The Montreal-based retailer, which has more than 240 locations across Canada and the U.S., was hit hard by the pandemic, and as a result, While in-person sales diminished amid forced closures, David's saw massive e-commerce growth, inspiring the forthcoming restructuring, which will include "a significant reduction" in its footprint of physical stores while it "will continue to operate its online business through its e-commerce platform at www.davidstea.com and its wholesale distribution channel," it said "David's Tea has experienced a multi-year decline in brick-and-mortar sales and the post COVID-19 retail environment creates significant challenges for our unique in-store customer experience. In 2008, DAVIDsTEA opened its first store in Toronto, and since then has grown to more than 240 stores, building communities of tea lovers and quickly growing to be Canada’s leading tea retailer. They intend to improve the profitability of Canadian stores, which account for 80 percent of total sales. You can unsubscribe anytime or MONTREAL — Insolvent beverage retailer David’s Tea 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 announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days. David’s Tea last month reported that it lost $23.2 million last year on $146.5 million in revenues. A brewery in Canada pulls Karen beer from shelves after backlash over branding But sales have been declining for several years in physical stores, even before the pandemic, specifies the chain. Posted Davids Tea's headquarters is located in Mount Royal, Quebec, CA H4P 1M2. The move would affect about half of its workforce of nearly 2,500, including all 366 employees in the United States.It will also seek more favourable lease terms for the remaining 100 stores in Canada and may permanently shut additional locations if landlords are unwilling to negotiate suitable leases.It had warned in mid-June that it could begin a formal restructuring depending on the outcome of its talks with landlords.The company said at the time that it hadn’t paid rent on any of its stores for April, May and June.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.

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