Major Coffee Chain Closing Over 300 Retail Stores

Major Coffee Chain Closing Over 300 Retail Stores

The closures will happen in phases, with 379 stores shuttering through the end of the year, and the rest being phased out by spring 2018.

Starbucks plans to shutter all its Teavana stores as it seeks to improve its financial performance.

Mainly located in malls, Starbucks tried to drum up business for Teavana through "creative merchandising" and new store designs, it said, but company officials said many of its stores were "persistently underperforming".

This is becoming a trend with Starbucks, which acquired the bakery La Boulange and began putting its baked goods in stores, later closing all of the chain's standalone stores.

Starbucks had net income of $2.8 billion on revenue of $21.3 billion in 2016. The Annapolis, Maryland-based tea retailer had operated at the mall at University Parkway and Interstate 75 for just under a year before it filed for Chapter 11 bankruptcy.

Fortunately for Teavana workers, their parent company is performing well and reportedly remains "on track" to create 240,000 new jobs globally and 68,000 in the USA alone over the next five years.

Twitter users referenced the high price of Teavana products and the fact that not as many in the US drink tea. And its tea business has grown 40% in the five years since it launched Teavana in the U.S. By 2015, it chose to shutter all 23 La Boulange retail locations, along with its two manufacturing facilities that served those bakeries.

There are 379 Teavana stores in shopping malls, where employees brew very strong samples to entice shoppers to buy tasty loose teas. "Starbucks' growth potential in China is unparalleled", said Johnson.

Teavana hot and iced teas will still be sold in Starbucks' namesake stores.



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