Bankruptcy Law

Bankrupt DavidsTea Plans to Shut 124 Stores in U.S. and Canada

July 9, 2020, 10:57 PM

Specialty tea store DavidsTea Inc. says it will close all 42 of its U.S. locations and 82 of its Canadian stores after filing for Chapter 15 bankruptcy earlier this week.

  • Co. will send notices to terminate 124 leases, which will take effect in 30 days, after obtaining an initial order to pursue its restructuring plan from the Quebec Superior Court, according to a press release
    • It will seek “more favorable lease terms” for its roughly 100 remaining Canadian stores
    • All of its stores closed in mid-March and have remained shuttered due to the coronavirus pandemic
  • “We are moving forward with...

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