The company says it plans to focus on online and retail sales as it restructures
David's Tea co-founder David Segal is pictured at an outlet in Toronto on Feb. 9, 2016. .
MONTREAL — DavidsTea is seeking court protection from creditors so it can continue operating while it restrutures and plans to close a significant number of its stores. The Montreal-based company said Wednesday it will seek an order in Quebec Superior Court to allow it to restructure under the Companies’ Creditors Arrangement Act.
It also plans to seek similar orders for its U.S. subsidiary under Chapter 15 of the U.S. Bankruptcy Code. The company said during the restructuring process it plans to continue operating online through its website and its wholesale distribution channel, which supplies grocery stores and pharmacies.
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