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Teavana Closing Stores: All 379 Locations to Shutter
29 July 2017, 12:31 | Maryann Sutton
The 3,300 employees affected by the closures have been encouraged to apply for positions at Starbucks stores.
Teavana had stores in the U.S., Mexico, Canada, Puerto Rico, and the Middle East, the Journal reported.
The company said it will close most of its locations by spring 2018. Since 2003, when the company opened its first store in Chicago, Argo Tea has operated dozens of tea cafes across the U.S. When Starbucks bought Teavana, the company planned to open similar tea bars across the country. More than a dozen stores have closed at the almost 3-year-old, $315 million mall since its grand opening in October 2014. The Seattle-based company cited "ongoing macro pressures impacting the retail and restaurant sectors" that have made it more cautious going into the next quarter. In the USA, sales rose 5 percent at established locations.
The stores had been "strategically underperforming", Starbucks' president and CEO Kevin Johnson said during an earnings call Thursday. At the same time, Starbucks is undertaking its biggest acquisition ever, spending $1.3 billion to buy up the remaining 50% stake of its Chinese business from its joint-venture partners, according to Reuters.
The 16,302 cafes in Starbucks' US-dominated Americas region contributed $974.8 million in operating income in the quarter, while the 7,183 cafes from the China/Asia Pacific region posted $223.8 million.
Meanwhile, executives at Starbucks are looking to China as a haven for long-term growth, a caffeine boost for business as American sales shows signs of cooling. Excluding one-time items, it earned 55 cents per share, in line with Wall Street expectations. Both deals are expected to close by early next year.
Tropical Storm Don forms; fourth named storm of 2017
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