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DavidsTea closing 82 stores in Canada and all 42 stores in the U.S. market
2020-07-10

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 announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days.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.'With the upcoming closure of 124 unprofitable stores across North America, we are certainly making good progress in creating a stronger business model for the future and ensuring the long-term success and sustainability of DavidsTea and our beloved brand,' company founder and interim CEO Herschel Segal said in a news release.Chief financial officer Frank Zitella said that with the closure of 'a significant number of money-losing stores' it will focus exclusively on e-commerce sale which had a penetration rate of close to 43 per cent in the market before COVID-19.'All 100 remaining DavidsTea stores have been closed since March 17 due to the COVID-19 pandemic and will remain so until further notice,' he stated.The move by DavidsTea comes three years after Starbucks announced the closure of all of its Teavana brand stores.



What Walmart Canada has in store for the post-COVID world
2020-07-10

Changes to the in-store experience, increased investments in e-grocery, and a shift in merchandising strategies and promotions will be important issues for grocer retailers as the economy slowly returns to some semblance of normalcy.This, in part, means working with supply partners to find ways to win in online grocery as penetration continues to grow, said Walmart Canada president and CEO Horacio Barbeito during an online interview hosted by Retail Council of Canada on Thursday.“When it comes to [online] grocery it’s difficult to serve the customer in a way that generates profits,” said Barbeito.“I see that there’s an opportunity for retailers and suppliers to embark on personalization, getting into the through data sharing.”Walmart Canada could also rethink how it uses its physical store space, he said.Existing stores could be repurposed as fulfillment centres, or transformed into the ultimate, one-stop shop that includes gyms, banks and other pandemic has moved much of society into what Barbeito called the at-home economy.And, when asked about Walmart+–the retailer’s yearly subscription program that recently launched in the U.S.– coming to Canada, Barbeito said a “digital engagement” program launching in this market was likely.



David’s Tea To Close 82 Stores In Canada As It Abandons U.S. Market
2020-07-10

Paul Chiasson/The Canadian PressA David's Tea store is seen in Montreal on Wednesday.MONTREAL — Insolvent beverage retailer David’s Tea 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 announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days.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.“With the upcoming closure of 124 unprofitable stores across North America, we are certainly making good progress in creating a stronger business model for the future and ensuring the long-term success and sustainability of DavidsTea and our beloved brand,” company founder and interim CEO Herschel Segal said in a news release.Chief financial officer Frank Zitella said that with the closure of “a significant number of money-losing stores” it will focus exclusively on e-commerce sale which had a penetration rate of close to 43 per cent in the market before COVID-19.The move by David’s Tea comes three years after Starbucks announced the closure of all of its Teavana brand stores.



What's in store for tomorrow's Bank of Canada overnight rate decision?
2020-07-14

On Wednesday, the Bank of Canada will be releasing its scheduled overnight rate decision as well as its quarterly Monetary Policy Report.With the BoC adopting a low-rate approach to counter the destabilizing impact COVID-19 has had on the country’s economy, it would take a miracle for the Bank to change the overnight rate from where it currently stands.“[B]ack in March, the Bank rapidly lowered our policy interest rate to 0.25 percent,” new BoC governor Tiff Macklem said in comments that accompanied the previous rate decision on June 22.Some central banks have taken their policy rates below zero.With the overnight rate a more-or-less foregone conclusion, Gregory expects the Monetary Policy Report to be a little more tantalizing.Rather than being a straight-up forecast, something the BoC also avoided in June, Gregory thinks the MPR may delve into the various potential scenarios facing the Canadian economy, with a focus on recovery rather than recession.Seeing as tomorrow will be the first opportunity for Tiff Macklem to take full control of the Monetary Policy Report, Gregory is expecting some subtle differences in terms of the new BoC governor’s approach.



DavidsTea closing nearly 100 stores across Canada
2020-07-10

It appears the vast majority of DavidsTea locations simply won't reopen after closing due to COVID-19 restrictions.On Thursday, the Montreal-based company announced it will permanently close 82 stores across Canada and all 42 of its stores in the United States.The company will also seek to 'more favorable' lease terms for the remaining 100 stores in Canada, however, exact locations for closures have not been released.According to owners, closing the stores is part of a restructuring plan to focus on being primarily an online seller of tea and other hot drinks and accessories and 'significantly reduce' its store count.Last month, the company warned last month that it hadn't paid rent on any of its stores for April, May and June and that it may seek a formal restructuring.



DavidsTea closing 82 stores in Canada, all 42 U.S. stores
2020-07-10

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 announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days.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.'With the upcoming closure of 124 unprofitable stores across North America, we are certainly making good progress in creating a stronger business model for the future and ensuring the long-term success and sustainability of DavidsTea and our beloved brand,' company founder and interim CEO Herschel Segal said in a news release.Chief financial officer Frank Zitella said that with the closure of 'a significant number of money-losing stores' it will focus exclusively on e-commerce sales, which had a penetration rate of close to 43 per cent in the market before COVID-19.'All 100 remaining DavidsTea stores have been closed since March 17 due to the COVID-19 pandemic and will remain so until further notice,' he stated.The move by DavidsTea comes three years after Starbucks announced the closure of all of its Teavana brand stores.



What's in Store for Canadian National (CNI) Q2 Earnings?
2020-07-14

The Zacks Consensus Estimate for the company’s second-quarter earnings has been revised 1.1% upward to 91 cents per share over the past 60 days.Moreover, it has an impressive earnings history, having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average being 7.5%.Our proven Zacks model predicts an earnings beat for Canadian National this time around.Earnings ESP: Canadian National has an Earnings ESP of +3.70% as the Most Accurate Estimate is pegged at 95 cents per share, higher than the Zacks Consensus Estimate of 91 cents.Canadian National's first-quarter 2020 earnings (excluding 15 cents from non-recurring items) of 91 cents per share (C.42) beat the Zacks Consensus Estimate by 15 cents.United Airlines has an Earnings ESP of +25.24% and a Zacks Rank #3, currently.Air Lease has an Earnings ESP of +23.32% and is Zacks #3 Ranked at present.



DavidsTea to close 82 Canadian stores amid coronavirus pandemic
2020-07-09

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 announced Thursday that it is sending notices to terminate the leases at the 124 stores to take effect in 30 days.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.“With the upcoming closure of 124 unprofitable stores across North America, we are certainly making good progress in creating a stronger business model for the future and ensuring the long-term success and sustainability of DavidsTea and our beloved brand,” company founder and interim CEO Herschel Segal said in a news release.deficit projected for 2020-2021 fiscal deficit projected for 2020-2021 fiscal year Chief financial officer Frank Zitella said that with the closure of “a significant number of money-losing stores” it will focus exclusively on e-commerce sale which had a penetration rate of close to 43 per cent in the market before COVID-19.Story continues below 100 remaining DavidsTea stores have been closed since March 17 due to the COVID-19 pandemic and will remain so until further notice,” he stated.The move by DavidsTea comes three years after Starbucks announced the closure of all of its Teavana brand stores.



Google accidentally puts Pixel 4a images on Canadian version of Google Store
2020-07-13

Today, over at the Canadian version of the Google Store, a header image entices you to buy the Nest Wifi system.Instead, it very clearly is the as-yet-unannounced Google Pixel 4a smartphone.As of publishing this article, you can still see the image live on Google’s site here.We were able to download the image of just the phone itself, which is hosted on Google’s own server.This may not be a 100% official confirmation of what the Pixel 4a looks like, but it’s as close as you can get without the company officially launching the phone.The Google Pixel 4a renders look exactly as we expected with the single selfie camera cutout on the front, the single lens in the Pixel 4 camera module on the back, a rear-mounted fingerprint sensor, and an all-black colorway.Google still hasn’t formally announced a launch date for the Pixel 4a.



Health retailer GNC files for bankruptcy; 29 Canadian stores to close
2020-06-25

TORONTO -- Health and nutrition retailer GNC has filed for bankruptcy in the U.S. and says it will close at least 29 stores in Canada as part of its restructuring.The company announced Tuesday night that it is seeking protection under Chapter 11 of the U.S. Bankruptcy Code and will also attempt to get a Canadian court to recognize that proceeding.The restructuring involves the closure of 29 GNC stores in Canada, approximately half of which are in Ontario.The affected stores are a small portion of the company's overall presence in Canada, which it says includes more than 200 retail outlets.Many of the company's stores have been temporarily closed due to restrictions brought on by the COVID-19 pandemic.The Canadian closures are only a small part of the retailer's larger plan, which involves shuttering between 800 and 1,200 stores worldwide, mainly in the U.S.As of March 30, the company had 7,300 stores globally, including 5,200 in the U.S. Only 248 locations earmarked for closure have been publicly announced, meaning more Canadian locations could be added to the final tally.




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