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I'd like to share some cautious optimism here too as pandemic times (and post-pandemic times) may create a bit of a re-set for what makes cities actually exciting. Largely via lower retail rents being able to attract more unique and local businesses. But with Queen West, it was largely live music that gave the street its original cachet and cred. And that is one of the hardest forms of business to reopen for the foreseeable. So we'll see.
ca.finance.yahoo.com
I buy all my tea from Murchies. No need for the storefront.DavidsTea closing 82 stores in Canada and all 42 stores in the U.S. market
July 9, 2020
MONTREAL — Insolvent beverage retailer DavidsTea is closing 82 stores in Canada and all 42 of its stores in the U.S. as it focuses on its e-commerce business and supplying grocery stores and pharmacies.
The Montreal-based company says it is sending notices to terminate the leases at the 124 stores to take effect in 30 days.
It says it will also seek more favourable lease terms for the remaining 100 stores in Canada.
The store closures are part of its restructuring plan after it obtained court protection from creditors under the Companies' Creditors Arrangement Act and Chapter 15 in the United States Bankruptcy Court for the District of Delaware.
Company founder and interim CEO Herschel Segal says the closure of "unprofitable stores" will help create a stronger business model for the future and ensure the long-term success and sustainability of the brand.
Chief financial officer Frank Zitella says it may permanently close additional stores if it is not able to negotiate more favourable lease terms from landlords.
DavidsTea closing 82 stores in Canada and all 42 stores in the U.S. market
MONTREAL — Insolvent beverage retailer DavidsTea is closing 82 stores in Canada and all 42 of its stores in the U.S. as it focuses on its e-commerce business and supplying grocery stores and pharmacies.The Montreal-based company says it is sending notices to terminate the leases at the 124 stores to
www.murchies.com
www.reuters.com
A crisis like this will separate those retailers with solid foundations, financial reserves and USPs from those that were on the fence beforehand. Let‘s see who‘s left standing in spring 2021.
Levi's to cut 700 non-retail jobs (15% of that workforce):
Levi's to cut 700 non-retail jobs as Q2 revenues plummet
The company says it's ready for changes brought on by the pandemic, including the casualization of fashion and new consumer behaviors.www.retaildive.com
Le Chateau says there is 'significant doubt' it can stay in business
July 7, 2020
A major Canadian clothing retailer that was struggling even before the COVID-19 pandemic says it's no longer sure if it will be able to remain in business for another year.
Le Chateau, which operates 129 stores in eight provinces as well as some manufacturing operations, issued the dire warning late Monday as it reported its latest quarterly earnings report. Although the results covered a period before the pandemic, the company also noted the significant effects that being ordered to close all of its stores has had on its business.
"There are material uncertainties that cast significant doubt upon [our] ability to continue as a going concern," the company said in a press release accompanying its earnings report.
Those uncertainties predated the pandemic, as the company said it was already in debt and has defaulted on loans. Now, though, the Montreal-based retailer says it needs to obtain new financing to stay afloat.
Although all of Le Chateau's stores had reopened as of last week, the company warned that the pandemic "will have a material and adverse impact" on its business and that it does not expect to fully resume normal operations until 2022.
The company said it is in negotiations with its existing lenders and seeking new sources of financing, while also talking to its landlords about possible rent relief. It announced last week that it is manufacturing up to 500,000 hospital gowns as part of a federal contract.
Le Chateau says there is 'significant doubt' it can stay in business
Clothing retailer Le Chateau says it is unsure if it will be able to remain in business for another year.www.ctvnews.ca
