DAVIDsTEA has 'temporarily' laid off 15% of its head office staff
A DavidsTea store is seen in Montreal on Wednesday, July 8, 2020. THE CANADIAN PRESS/Paul Chiasson
DAVIDsTEA has announced the "temporary' layoff of 15 per cent of its head office staff in Montreal, citing difficult market conditions.
In a statement Thursday, the Montreal-based tea retailer said it's implementing several cost-cutting measures "on the road to profitability."
How many employees were at the headquarters before the cuts is unclear.
The company announced a plan to adjust the "cost structure in a context of continued macroeconomic uncertainty."
It reported a 25 per cent decrease in sales for the fourth quarter compared to last year, which was between $29 million and $31 million.
"Like many other retail brands, we experienced challenging market conditions in the fourth quarter as consumers' wallets were affected by rising inflation and interest rates, which reduced demand," said Sarah Segal, CEO and brand manager of DAVIDsTEA, in a statement.
The company said it believes strongly in its long-term growth plan. It reported a year-end cash balance of approximately $22 million, "no debt, and strong working capital."
The retailer said it would outline more details on the cost containment plan when it unveils its fiscal 2022 fourth-quarter results on April 28.
This report by The Canadian Press was first published in French on Feb. 2, 2023.
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