DavidsTea Seeks Ch. 15 To Phase Out Brick And Mortar Stores
Law360 (July 9, 2020, 2:12 PM EDT) -- Tea retailer DavidsTea has filed a Chapter 15 petition in Delaware bankruptcy court in an effort to speed its transition away from brick-and-mortar stores and focus on its online and wholesale business.
DavidsTea (USA) Inc., the U.S. subsidiary of Canadian tea merchant DavidsTea Inc., filed its Chapter 15 petition in Delaware late Wednesday. The Canadian parent company has filed a similar application with the Québec Superior Court, and the U.S. entity has asked that the Canadian proceedings be considered the main proceeding.
DavidsTea cited ongoing challenges with its brick-and-mortar retail stores that have been exacerbated by the pandemic.
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