Photo: Paul Chiasson, The canadian Press
DavidsTea has sent notice of termination of lease for its remaining 82 stores, which will take effect in 30 days.
The company’s Teas DavidsTea announced on Thursday that it would reopen 18 of its stores in Canada, including seven in Quebec.
The merchant tea has received notice of termination of lease for its remaining 82 stores, which will take effect in 30 days.
This decision was taken in the framework of its restructuring plan under the Act on the arrangements with the creditors arrangement act (CCAA).
The 18 stores which will re-open “are all located in major commercial areas,” stresses the company.
In addition to the seven stores in Québec, you will find five in Ontario, and the other will be located in Alberta, British Columbia, Manitoba and New Brunswick.
The new lease terms proposed should give the company additional termination rights at the end of 2020, and the flexibility of an option to extend the leases.
“We believe that a selected group of our stores in the most efficient, complementing our business model online and wholesale full growth and supported by a business organisation, will allow to DavidsTea to get out of the process of restructuring of the CCAA as a stronger and more resilient,” said Herschel Segal, founder, chairman of the board and interim chief executive of the company, by issuing a press release.