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DAVIDsTEA Inc. (Nasdaq:DTEA) reported second-quarter results for the period ending August 1, 2020, showcasing a significant 189.9% increase in e-commerce and wholesale sales, totaling $23.0 million amid a 41.2% drop in overall sales compared to the previous year. Gross profit fell to $8.3 million, down 61.8%. Despite a decrease in SG&A expenses by 76.5% to $7.4 million, the ongoing restructuring under the Companies’ Creditors Arrangement Act (CCAA) poses challenges. The company reported net income of $2.6 million, a recovery from last year's loss of $11.3 million, reflecting strategic pivots toward a digital-first approach.
DAVIDsTEA Inc. (DTEA) plans to release its second quarter fiscal 2020 financial results today, September 21, 2020, after market close. Following the announcement, the company will host a webcast at 5:00 p.m. Eastern Time to discuss the results. The webcast can be accessed through the company's investor relations section on their website, and an archived version will be available within two hours post-call for 30 days. DAVIDsTEA is a leading specialty tea retailer with a growing online presence and a network of retail locations across Canada.
DAVIDsTEA (DTEA) announced that the Québec Superior Court issued a Claims Process Order under the Companies’ Creditors Arrangement Act (CCAA). Creditors must submit their claims by 5:00 p.m. ET on November 6, 2020. The court has extended the stay of proceedings against DAVIDsTEA until December 15, 2020. The company will provide updates during the restructuring process. DAVIDsTEA is a leading retailer of specialty tea, offering a variety of products on its e-commerce platform and through retail stores across Canada.
On July 31, 2020, DAVIDsTEA (DTEA) announced the successful re-election of five directors during its annual shareholder meeting in Montreal. The nominees received strong support, with voting percentages for each ranging from 98.72% to 99.37%. Alongside the director elections, Ernst & Young LLP was re-appointed as the company's auditor. DAVIDsTEA continues to position itself as a prominent retailer of specialty teas, providing a broad selection through its e-commerce platform and retail presence in Canada.
DAVIDsTEA Inc. (DTEA) reported a 27.3% decline in sales for Q1 2020, totaling $32.2 million, due to store closures during the pandemic. However, e-commerce and wholesale sales surged by 120.7%, reaching $17 million, now representing 52.9% of total sales. Adjusted operating loss widened to $4.4 million from $1.7 million year-over-year. Despite challenges, the company's cash position remains strong at $39.3 million. Plans for 18 store reopenings partway through August are underway as the focus shifts more towards online retail.
DAVIDsTEA (Nasdaq:DTEA) announced a 45-day extension for filing its Q1 2020 financials due on July 31, 2020. The company is undergoing restructuring under the Companies’ Creditors Arrangement Act, having obtained an Initial Order from the Québec Superior Court on July 8, 2020. This involves terminating leases for 82 retail stores in Canada and all 42 in the U.S. The U.S. Bankruptcy Court recognized these proceedings, protecting DAVIDsTEA from creditor actions. Negotiations for remaining leases are ongoing, but outcomes remain uncertain.
DAVIDsTEA Inc. (Nasdaq: DTEA) announced an extension of its Initial Order under the Companies’ Creditors Arrangement Act until September 17, 2020, allowing the company to restructure. This process focuses on closing unprofitable stores and transitioning to an online retail model, driven by challenges exacerbated by COVID-19. The company clarified that no new shares will be issued during restructuring, ensuring stability in its share structure. DAVIDsTEA aims to become a more efficient online retailer, better positioned for long-term growth.
DAVIDsTEA (DTEA) has announced a major restructuring plan following an Initial Order under the Companies’ Creditors Arrangement Act. The company will close 124 unprofitable stores, including 82 in Canada and all 42 in the U.S., to focus on expanding its e-commerce operations. This strategic shift aims to create a sustainable business model with an online sales penetration rate of 43%. The Quebec Superior Court and U.S. Bankruptcy Court have provisionally recognized the restructuring, providing protection from creditor actions. DAVIDsTEA remains committed to serving customers through online platforms and grocery stores.
DAVIDsTEA (Nasdaq: DTEA) has announced obtaining an Initial Order from the Québec Superior Court under the Companies’ Creditors Arrangement Act (CCAA) to implement its restructuring plan. PwC has been appointed as Monitor for the CCAA proceedings. The company plans to secure a similar order for its U.S. subsidiary under Chapter 15 of the Bankruptcy Code. This restructuring comes amid challenges related to the COVID-19 pandemic, affecting its retail operations and future compliance with Nasdaq listing requirements.
