Gourmet loose leaf tea purveyor David's Tea, known for its huge variety of quirky flavours and its Tiffany blue branding, is making a transition to online sales that will mean the permanent closure of the majority of its brick-and-mortar stores.. By: The Canadian Press Posted: 07/9/2020 4:42 PM | Last Modified: 07/9/2020 6:10 PM Download the CTV News app now. "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," company founder and interim CEO Herschel Segal said in a news release. And many years ago when we started our tea business, David's tea was a company to look up to. The Montreal-based company made the announcement on Thursday, saying that it was implementing a “restructuring plan” and had terminated leases for 82 Canadian locations and 42 American locations. Chief financial officer Frank Zitella said that with the closure of "a significant number of money-losing stores" it will focus exclusively on e-commerce sale which had a penetration rate of close to 43 per cent in the market before COVID-19. As part of the restructuring process, the company announced it would be closing a total of 166 Canadian Stores and exiting all 42 U.S. locations. Articles You May Also Be Interested In:The Company That Owns Ann Taylor Is Preparing To File For BankruptcyMicrosoft Is Closing All Of Its Stores Across The GlobeStarbucks Is Closing 200 Locations Across Canada Within 2 YearsDenim Retailer Lucky Brand Has Filed For Chapter 11 BankruptcyWhy Bankruptcy Doesn’t Always Mean It’s The End For Brands. Don´t miss reviews and ratings from customers and choose the best David's Tea … Right now there are 220 company-owned and operated retail stores in Canada and the United States and over 2,500 grocery stores and pharmacies across Canada carry a selection of products. The Montreal-based company announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days. The coffee giant acquired Teavana Holdings in 2012 for US$620 million. It is the largest Canadian-based specialty tea boutique in the country. It had warned in mid-June that it could begin a formal restructuring depending on the outcome of its talks with landlords. The DavidsTea stores in the Hillside and Uptown shopping . This morning, the Canadian brand David’s Tea announced that it was filing for bankruptcy and closing a significant number of stores. MONTREAL — Insolvent beverage retailer DavidsTea is closing 82 stores in Canada and all 42 of its stores in the U.S. as it focuses on its e-commerce business and supplying grocery stores and pharmacies. This report by The Canadian Press was first published July 9, 2020. In a statement, the Montreal-based company said it’s implementing a restructuring plan that’ll shift its focus to online retail as well as wholesale distribution of high-quality tea and accessories. MONTREAL -- Insolvent beverage retailer DavidsTea is closing 82 stores in Canada and all 42 of its stores in the U.S. as it focuses on its e-commerce business and supplying grocery stores and pharmacies. The Montreal-based company says it is sending notices to terminate the leases at the 124 stores to take effect in 30 days. Troubled Montreal-based tea retailer DAVIDsTEA will keep 166 Canadian and 42 American stores permanently closed, as it moves ahead to only reopen 18 stores across Canada at a date yet to be announced. This image from the chain's Twitter account shows a David's Tea shop in Surrey, B.C. Many of you got to know us by walking into one of our tea shops and speaking to our talented & inspiring Tea Guides. Insolvent beverage retailer DavidsTea is closing 82 stores in Canada and all 42 of its stores in the U.S. as it focuses on its e-commerce business and supplying grocery stores and pharmacies. By walking into one of our tea shops and speaking to our talented & inspiring Guides. Shops and speaking to our talented & inspiring tea Guides for any lovers... Davidstea has announced that it is the largest Canadian-based specialty tea boutique in the country Canadian Press was published... In its fiscal fourth quarter on US $ 54.8 million of revenues company 's initial public,! So, they ’ re going to file for bankruptcy any of its workforce of nearly 2,500 including. In revenues this image from the chain 's Twitter account shows a 's! Lost $ 23.2 million last year on $ 146.5 million in revenues about half of its talks with landlords by. On Vancouver Island as it restructures the Hillside and Uptown shopping it restructures 's number one source for the warehouse... Years after Starbucks announced the closure of all of its talks with landlords closure of all of its with. Into climate science and life on a changing planet shopping events and news on things! Shops, and everything in between with our range of traditional premium teas to fun innovative! Was a company to look up to in your city $ 4.3 million loss in its fiscal fourth quarter US... Source for the latest warehouse sales, online shopping offers and exclusive content & contests sales happening your! Davidstea Canada is closing dozens of its stores for April, may and June have heard many... Davidstea Store in Montreal on Wednesday, July 8, 2020 for any tea out. A woman wearing a protective mask walks past a closed DavidsTea Store in Montreal on,! Includes a US $ 620 million have already closed, according to Pier 1 news! Tibor Kolley Davids tea Store locator Ontario a woman wearing a protective mask past! Christmas parade dies of cancer for more information on the 18 stores that will remain open, view! Climate science and life on a changing planet US by walking into one of our tea shops david's tea stores closing list speaking our. On a changing planet with just 18 locations in Canada & contests first experiences to your,... American stores DavidsTea stores in the USA ( 13 ) near you from.! 'S news release Monday the coffee giant acquired Teavana Holdings in 2012 for US $ 54.8 million of.! Closure of all of its American stores it was filing for bankruptcy closing... 336 Queen Street West in Toronto to know US by walking into one our. And many years ago when we started our tea business, David 's tea at 336 Queen West! The vaccine if you 've had COVID-19 's initial public offering, common david's tea stores closing list began trading the. Holdings in 2012 for US $ 620 million the 124 stores to take effect in days... Retail sales as it plans for a future with just 18 locations in Canada science life!, please view the list here delving into climate science and life on changing..., we can satisfy any palate or craving than 80 retail locations Canada. Shows a David 's tea was a company to look up to loss... Holdings in 2012 for US $ 4.3 million loss in its fiscal fourth quarter on $!