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Jul 8, 2020

DavidsTea to file for creditor protection amid COVID fallout

DavidsTea to file for creditor protection as pandemic weighs

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DavidsTea Inc. will file for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), the company said Wednesday, as it joins a growing list of retailers unable to withstand the financial pressures of the COVID-19 pandemic.

The Quebec-based tea chain said this will accelerate its transition to online retailing and wholesale distribution in North America.

DavidsTea will pursue a “significant reduction in our brick & mortar presence,” CEO Herschel Segal said statement. He said this is the “best path forward to ensure the long-term success and sustainability” of the company. According to DavidsTea’s website, the company has more than 230 stores across Canada and the United States.

“I sincerely regret the impact the restructuring of our business will have on some of our exceptional and passionate employees,” Segal added. “This has been an incredibly difficult decision to take, but a necessary one to ensure the long-term viability of our company.”

The company first indicated it may initiate a formal restructuring last month as it looked to close unprofitable locations.

During the restructuring process, DavidsTea will continue to sell its products online, in grocery stores and in pharmacies across Canada.