David’s Tea is filing for bankruptcy & closing some Canadian stores
Sad news for the tea lovers out there. This morning, the Canadian brand David’s Tea announced that it was filing for bankruptcy and closing a significant number of stores. The announcement comes off of a very difficult few months, where the company could not even cover rent.
So, they’re going to file for bankruptcy. Basically, bankruptcy will allow David’s Tea to restructure without being absolutely gutted by the people they owe money to. Their goal? To become a ‘leaner’ and ‘more efficient’ company in the future.
From there, it makes sense that they’re aiming for a ‘significant reduction’ in the number of brick and mortar stores. They’ve got 220 throughout Canada and the US, so maybe they’re getting rid of half? We’re not too sure. Anyway, they’re shifting even more towards online sales and partnerships with grocery stores/retailers.