|Over a week ago|
DavidsTea reports Q1 adj. EPS (C$0.22) vs. (C$0.13) last year » 08:3707/3107/31/20
Reports Q1 sales C$32.3M…
Reports Q1 sales C$32.3M vs. C$44.3M last year. "Our first quarter results reflect the closure of all our stores for about half of the quarter and the exceptional performance of our e-commerce and wholesale channels as our customers shifted their buying habits. Yesterday, we announced that our Canadian network will be comprised of 18 stores going forward for which we are finalizing terms and conditions with respective landlords. These stores will complement our focus on e-commerce and wholesale channels and position DAVIDsTEA as a leaner and more resilient company. We look forward to continuing to offer an unrivalled selection of health and wellness teas, and virtual access to our tea experts, as we transition our business to focus primarily on being an online retailer and wholesaler of high-quality tea, adapting to evolving consumer expectations," stated Herschel Segal, Founder, Chairman and Interim CEO of DAVIDsTEA. " I sincerely regret the impact of closing stores and restructuring of our business will have on some of our exceptional and passionate employees. This has been an incredibly difficult decision to take, but a necessary one to ensure the long-term viability of DAVIDsTEA. I would like to sincerely thank our impacted employees for their contributions and for their passion for our brand through the years."
DavidsTea to reopen 18 Canadian stores, exit 82 remaining Canadian stores » 08:3307/3007/30/20
DAVIDsTEA announces that…
DAVIDsTEA announces that as part of its restructuring plan under the Companies' Creditors Arrangement Act, it plans to reopen 18 stores in Canada under new, more favourable lease terms and conditions. DAVIDsTEA expects to reopen the 18 stores by the end of August 2020, conditional upon entering into amended leases for the stores. The 18 DAVIDsTEA stores to be reopened are all located in major shopping malls. Seven of the stores are in Quebec, five are in Ontario, with the balance in Alberta, British Columbia, Manitoba and New Brunswick. The proposed new lease terms are expected to give DAVIDsTEA termination rights at the end of 2020, and the flexibility of an option to extend the leases. The Company is sending notices to terminate leases for its other 82 stores, which terminations will take effect in 30 days. The Company will continue to provide updates throughout the CCAA restructuring process as events warrant.
DavidsTea provides update on filing of Q1 financials » 16:3307/2007/20/20
DavidsTea announced on…
DavidsTea announced on June 5 that it was availing itself of the 45-day blanket extension granted by the Canadian securities regulatory authorities for the filing of financial statements and management's discussion and analysis for its first quarter ended May 2. As previously announced, DavidsTea intends to file Q1 financial statements and related documents no later than July 31.
|Over a month ago|
DavidsTea closing 82 Canadian and 42 U.S. stores » 17:2307/0907/09/20
DAVIDsTEA announces that…
DAVIDsTEA announces that further to obtaining an Initial Order pursuant to the Companies' Creditors Arrangement Act from the Quebec Superior Court in order to implement its restructuring plan, the company is sending notices to terminate leases for 82 of its stores in Canada and all 42 of its stores in the United States. The lease terminations will take effect in 30 days. As previously announced, "DAVIDsTEA's restructuring efforts are focused primarily on exiting unprofitable stores and right-sizing its Canadian brick and mortar footprint, in the context of an increasingly challenging retail environment, further exacerbated by the COVID-19 pandemic. DAVIDsTEA's objective is to create a leaner and more efficient company and to accelerate its transition to an online retailer and wholesaler of high-quality tea and accessories, better positioned for long-term growth."
DavidsTea to implement restructuring process through CCAA, Chapter 15 » 08:4107/0807/08/20
DavidsTea announced that…
DavidsTea announced that it is implementing a restructuring plan under the Companies' Creditors Arrangement Act, or CCAA, in order to accelerate its transition to an online retailer and wholesaler of tea and accessories. The company expects that its application for an initial order under the CCAA will be heard by the Quebec Superior Court. The company intends to apply for similar orders for its wholly-owned U.S. subsidiary under Chapter 15 of the United States Bankruptcy Code. During the restructuring process, DavidsTea will continue to operate its online business through its e-commerce platform and its wholesale distribution channel, through which it sells a selection of DavidsTea products in grocery stores and pharmacies across Canada. The company will work to complete its restructuring in a timely fashion. The company does not expect to issue any shares in the restructuring process or that the restructuring will have any impact on its share structure. The company's management and board determined that a formal restructuring process is the best option in the context of an increasingly challenging retail environment, further exacerbated by the COVID-19 pandemic.
DavidsTea extends filing deadline for Q1 results to 'no later than July 31st' » 16:1906/0506/05/20
DAVIDsTEA announces that…
DAVIDsTEA announces that it will avail itself of a 45-day blanket extension granted by the securities regulatory authorities in the United States and Canada and file by no later than July 31, 2020 its financial statements and management's discussion and analysis for its first quarter, ended May 2, 2020. The filing was originally due by June 16, 2020. In connection with the 45-day extension, the company "confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of Canadian National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The company confirms that the only material business developments since November 2, 2019, being the date of the last interim financial statements filed by the company, are as set out in the company's material change report filed on SEDAR on March 24, 2020 and in the company's news release dated April 27, 2020 providing a detailed business and financial performance update in light of the coronavirus pandemic."
|Over a quarter ago|
DavidsTea expects to file FY19 reports by June 15 » 08:3904/2704/27/20
The company said,…
The company said, "In connection with the 45-day extension referred to above, the Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of Canadian National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. As noted above, the Company expects to file the Fiscal Year 2019 Reports by June 15, 2020. The Company confirms that material business developments since November 2, 2019, being the date of the last interim financial statements filed by the Company, are as set out above and in the Company's material change report filed on SEDAR on March 24, 2020, relating to the closing by the Company of its stores in North America, effective immediately and until further notice, in response to the continued spread of COVID-19."
DavidsTea director Ludwig Max Fischer will not stand for re-election » 08:3804/2704/27/20
On February 11, 2020, the…
On February 11, 2020, the Company was notified by Ludwig Max Fischer of his intention to not stand for re-election at the Company's 2020 annual meeting of shareholders.
DavidsTea receives Nasdaq notice of non-compliance » 08:3804/2704/27/20
On April 21, 2020, the…
On April 21, 2020, the Company was notified by Nasdaq Stock Market LLC that the Company is not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1). The notification has no immediate effect on the listing of the Company's common stock on Nasdaq and the Company has until December 28, 2020 to regain compliance. The failure to regain compliance prior to December 28, 2020 may result in the Company's common stock being delisted from Nasdaq.
DavidsTea expects COVID-19 impact to be 'significant' » 08:3704/2704/27/20
The company said,…
The company said, "The Company continues to assess the impact the COVID-19 pandemic will have on its business and results of operations, including on its First Quarter and full-year Fiscal 2020 results, but we anticipate that the impact will be significant. Although we continue to offer our products directly to consumers through our online store and in supermarkets and drugstores across Canada, there is no assurance that customers will purchase our products at previous volumes through these alternative channels or that the increase in our e-commerce sales will continue. The ultimate impact of COVID-19 on the Company's business and results of operations is unknown at this time and is largely dependent upon future developments that are out of the Company's control, including but not limited to the duration and spread of COVID-19, the impact on local and global economies, changes in customer demand, the duration of current mitigation strategies and/or the implementation of additional mitigation strategies by public authorities at the local, state, provincial and federal levels in the U.S. and Canada, as well as restrictions on the activities of our European based suppliers and on the shipment of goods."