More stores are falling victim to the COVID-19 pandemic. DavidsTea Canada closing could happen soon and that would mean a switch to online retail instead. So, you might not be able to head into stores for all your steeping needs.
DavidsTea announced on July 8 that it's starting a restructuring plan to transition to become an online retailer and wholesaler.
That's because there was a review of what could be done with the losses in retail stores that's been happening more since the pandemic began.
However, DavidsTea is still looking at ways to keep stores open.
There will be discussions with landlords to see if agreements can be made to change lease conditions.
If that's not possible, a large number of stores in Canada and the U.S. would close.
That would mean you'd have to get all of your favourite teas and related accessories online.
"Many of our loyal tea-loving customers have already shifted to buying our products online," said Herschel Segal, founder, chairman and interim CEO of DavidsTea, in a news release.
All of their stores have been closed since March 17 because of COVID-19.
That will continue until further notice.
The company said that there has been a multi-year decline in sales at stores.
Now with the pandemic, the Montreal-based company believes that there will be even more challenges in-store.
During the restructuring process, products will still be available online, as well as in grocery stores and pharmacies all over Canada.
The loose-leaf tea company didn't pay rent for any stores in Canada in April, May and June.
DavidsTea isn't the only retailer to be hit by the COVID-19 pandemic and a lot will be closing this summer.