DavidsTea initial CCAA order extended; no new shares will be issued

By Caroline Salls

Pittsburgh, July 16 – DavidsTea Inc. announced Thursday that the Quebec Superior Court extended the company’s initial Companies’ Creditors Arrangement Act order to Sept. 17.

According to a company news release, at the request of Nasdaq, DavidsTea also confirmed that it will not issue any new shares or create any new classes of stock in its CCAA restructuring.

The company said the restructuring will not have an impact on its share structures.

As previously reported, DavidsTea’s restructuring efforts under the CCAA are focused primarily on exiting unprofitable stores and right-sizing its Canadian brick-and-mortar footprint.

DavidsTea is a tea company based in Montreal. The company filed bankruptcy on July 8 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 15 case number 20-11802.

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