If you are a fan of DavidsTea (like some of us here at The Beat), you’ll be happy to learn that the retailer plans to reopen stores in Canada!
Due to the Covid-19 pandemic, the Canadian tea retailer (based in Montreal) was forced to close all 42 U.S. stores and 82 stores across Canada with plans focus on its e-commerce and wholesale business.
As of this morning, however, DavidsTea Inc. announced plans to reopen 18 stores, seven of which are located in Quebec.
After recently sending lease termination notices to its other stores, the bankrupt company says it has negotiated new, more favourable lease terms that will allow it to keep these stores in operation.
“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,” Herschel Segal the founder, chairman and interim CEO of the brand said in a statement Thursday.