DavidsTea’s restructuring plan will include the closure of 82 stores in Canada and all 42 in the United States within 30 days.
The terminations of the leases come on the heels of a restructuring plan to avoid bankruptcy, as approved by the Quebec Supreme Court.
“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,” said Herschel Segal, Founder, Chairman and Interim CEO of DAVIDsTEA.
The company plans to move to a primarily online commerce only retail environment.
DavidsTea will reassess it’s remaining 100 stores in Canada with the possibility of more closures.
