Photo: Paul Chiasson, The canadian Press
The retailer montreal said send notice of termination of the leases of 124 stores, including 42 branches in the United States — so that they can come into force in 30 days.
The retailer Teas DavidsTea farm 82 stores in Canada, and withdrew from the american market after looking at the Law on arrangements with creditors of companies (“CCAA”).
The retailer montreal said send notice of termination of the leases of 124 stores, including 42 branches in the United States — so that they can come into force in 30 days.
He says he will also seek to obtain lease terms which are more favourable to 100 stores remaining in Canada.
The store closures are part of its restructuring plan after you have obtained the legal protection against its creditors.
The company will focus more on e-business and the supply of grocery stores and pharmacies.
The founder, chairman of the board and interim chief executive, Herschel Segal, said that the closure of “unprofitable stores” will help to create a business model that is more robust for the future and to guarantee the success and long-term sustainability of the brand.
Chief financial officer Frank Zitella pointed out that it could permanently close additional stores if it is not able to negotiate lease terms which are more favourable with the owners.
