DAVIDsTEA Canada announced that they are implementing a restructuring plan under the Companies’ Creditors Arrangement Act (the “CCAA”) in order to accelerate the transition to an online retailer and wholesaler of high-quality tea and accessories. As part of the restructuring process, DAVIDsTEA may ultimately close a significant number of stores. At this point, they did not confirm exactly which stores will be closed. During the restructuring process, DAVIDsTEA will continue to operate their online business through their website as well as wholesale distribution channel, through which we sell a selection of DAVIDsTEA products in grocery stores and pharmacies across Canada.

DAVIDsTEA said “Dear Friends, We have made the tough but necessary decision to implement a restructuring plan under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) to reimagine our brick-and-mortar footprint and accelerate our transition to a more prevalent online retailer and wholesaler of high-quality tea and accessories. We believe this is a necessary evolution for our Company to better serve you. We will continue to share our love of loose leaf tea through davidstea.com and there will no interruption to your experience as we reorganize our business.”

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