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Technology DavidsTea reports $10 million net loss

00:52  14 september  2018
00:52  14 september  2018 Source:   msn.com

DavidsTea founder sued by shareholders

  DavidsTea founder sued by shareholders DavidsTea founder sued by shareholdersThree Highland Limited partnerships which together own 12.8 per cent of the Montreal-based beverage retailer's shares filed suit in Quebec Superior Court against Segal and his investment firm Rainy Day Investments.

The sign at the Nasdaq MarketSite announces the IPO for DavidsTea, Friday, June 5, 2015 in New York. DavidsTea has reported a $10 million net loss in the first results since founder Herschel Segal took back control of the board. THE CANADIAN PRESS/AP, Mark Lennihan: The sign at the Nasdaq MarketSite announces the IPO for DavidsTea, Friday, June 5, 2015 in New York. DavidsTea has reported a $10 million net loss in the first results since founder Herschel Segal took back control of the board. (THE CANADIAN PRESS/AP, Mark Lennihan)© Provided by thecanadianpress.com The sign at the Nasdaq MarketSite announces the IPO for DavidsTea, Friday, June 5, 2015 in New York. DavidsTea has reported a $10 million net loss in the first results since founder Herschel Segal took back control of the board. (THE CANADIAN PRESS/AP, Mark Lennihan)

MONTREAL - DavidsTea has reported a $10 million net loss in the first results since founder Herschel Segal took back control of the company's board.

The Montreal-based retailer says the results for the quarter that ended Aug. 4 works out to a loss of 39 cents per share, compared with a $5.6 million, or 22 cent per share, loss for the same quarter last year.

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The company says comparable sales were down 14.8 per cent after its product offering "did not resonate with customers," it was less promotional, and it had less product available for its semi-annual sale.

Segal, whose Rainy Day Investments owns 46 per cent of DavidsTea shares, clashed with other significant shareholders earlier this year on company leadership, board composition, and the direction of the company.

His slate of directors won in a June vote by 54 per cent, prompting CEO Joel Silver to resign after the results were announced and Segal to step into the role of interim CEO.

Segal says in a release that since June the board has worked to make offerings more convenient and increase distribution. In August the company said it would sell its products in Loblaws stores.

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