DavidsTea closing all locations in Waterloo Region
Posted Jul 30, 2020 05:52:00 PM.
This article is more than 5 years old.
DavidsTea is closing over 80 more stores across the country – including all of its locations in Waterloo Region.
It will leave the Montreal-based company with 18 stores.
Locations slated for closure are expected to be shutdown in the next 30 days.
The move comes after DavidsTea closed 82 other stores in Canada and all 42 of its stores in the U.S. in early July to focus on its e-commerce business and supplying grocery stores and pharmacies.
At the time, the company said it would 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 secured more favourable lease terms for the locations that will stay open.
The company had obtained creditor protection under the Companies Creditors Arrangement Act (CCAA), warning in mid-June that it could begin a formal restructuring depending on the outcome of its talks with landlords, who hadn't received rent from David's Tea for April, May and June.
With files from Erin Anderson and The Canadian Press
