Popular tea retailer reopening 18 of its stores throughout Canada
If you need a physical location to get your tea fix, then you'll be happy to know that DAVIDsTEA is planning to reopen 18 of its stores by the end of the month.
The Montreal-based company had closed its retail locations in July and announced that it would be restructuring under the Companies' Creditors Arrangement Act (CCAA), in order to transition to an online retailer and wholesaler of tea products.
The 18 stores will reopen under new, more favourable lease terms and conditions, the company says.
“We believe that a select group of our best-performing stores, complementing our growing online and wholesale business model and supported by an entrepreneurial organization, will enhance DAVIDsTEA’s ability to emerge from the CCAA restructuring process as a more sustainable and resilient organization,” said Herschel Segal, founder and interim CEO.
“Today, our customers and stakeholders have a better picture of what DAVIDsTEA will look like in the near future."
Of the 18 stores to be reopened, five are located in Ontario, seven in Quebec, and the rest in Alberta, British Columbia, Manitoba and New Brunswick.
Additionally, the stores are all located in major shopping malls.
The company is currently sending notices to terminate leases for its other 82 stores, with terminations set to take effect in 30 days.
Customers who prefer to get their tea online can still access the DAVIDsTEA store via their website.
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