losangelesnewstoday.com
losangelesnewstoday.com August 23, 2017


Teavana Closing Stores: All 379 Locations to Shutter

29 July 2017, 12:31 | Maryann Sutton

Starbucks

Starbucks

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.

Reckitt Benckiser sells food business to US Schwartz owner for £3.2bn
Reckitt Benckiser stock rose 2 percent early Wednesday in London, extending its increase for the year to 16 percent. McCormick projects robust growth that the hot sauce category is experiencing would continue.

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.



Other News

Trending Now

OPEC, non-OPEC states unlikely to cancel production cut deal
Russian Energy Minister Alexander Novak said Monday that Moscow is open to the monitoring of the country's oil export. Russia, which is heavily reliant on oil revenues, holds a presidential election next year.

'Dark web' marketplaces shut down after global investigation
The way that the police operation was rolled out appeared created to give police as many new leads as possible. Another darknet marketplace, called Hansa, was shut down Thursday as part of the worldwide operation.

Polish Senate approves controversial Supreme Court reform bill
Only the country's president now stands in the way of what critics have called a move to authoritarianism. Critics say the legislation would erode the independence of the courts and defy the principles of the EU.

Bills trade Jones to Chargers for pick
Sending a seventh-round pick to the Bills for Jones makes sense for the Chargers . The Los Angeles Chargers added another passer to back up Philip Rivers .

U.S. to offer 15000 extra temporary worker visas this year
The cancellation earlier this year of a provision that had exempted returning workers from being included in that cap had worsened the shortage.

Tropical Storm Don forms; fourth named storm of 2017
NASA's Aqua satellite passed over newly formed Tropical Storm Don gathering temperature data from the compact storm's clouds. Tropical storm conditions are expected in the warning area by late Tuesday and Tuesday night.

Humans Have Produced 8,3 Billion Metric Tonnes of Plastic Since 1950
In 2015, environmental engineer Jenna Jambeck found that about 19 billion pounds of plastic waste ends up in our oceans each year. Out of the eight billion tons of plastic, about half has been made in the past 13 years and six billion finished as waste.

Even as London feuds, Brexit negotiations take place in Brussels
The negotiation is expected to be complicated, as May's minority government will face challenges at every step in the process. European officials have said the British proposal to give EU citizens "settled status" does not go far enough.

Real Madrid boss Zinedine Zidane confirms Danilo has left squad
Mourinho said: "Names are hard for me because the players belong to other clubs". Woodward and analysing from a distance, it is very hard .

First human case of West Nile virus confirmed in both Iowa & Illinois
New Orleans officials today announced mosquito samples collected in the city tested positive for the pathogen. Drain standing water in yards that can collect in old tires, potted plant trays, pet dishes, toys or buckets.