Teavana Closing Stores: All 379 Locations to Shutter
29 July, 2017, 00:57 | Author: Gladys Mathis
Numerous underperforming locations were in malls, which itself are struggling nationwide-CNN cites a Credit Suisse report predicting up to 25 percent of Americans malls are expected to close within five years.
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Another store is closing at ABQ Uptown.
The coffee giant bought Atlanta-based Teavana in 2012 for $620 million, but said that a majority of the stores were underperforming and "despite efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue", Tampa Bay Business Journal reported.
Starbucks CEO Kevin Johnson noted declining foot traffic at malls.
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When Starbucks acquired Teavana in 2012, it seemed like a flawless marriage for the king of coffee chains to apply their successful model to the already successful Teavana brand.
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Between 20% and 25% of American malls will close within five years, Credit Suisse said in a report released last month. The company had announced earlier that increased pressure in the retail and restaurant sectors were making it more cautious as it progressed into the next quarter. Sales at established location in its Asia unit rose just 1 percent. "We felt it was an appropriate time to take the decision and begin shutting down those stores", he said.
The Teavana store closures follow news that Starbucks will purchase the remaining 50% stake in its East China joint venture for about $1.3 billion. Total revenue was $5.66 billion, less than the $5.76 billion expected.
During the last quarter, Starbucks reported a net profit of 691,6 million U.S. $ on total revenues of 5,66 billion US$.
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