Starbucks Shutters Teavana Stores

Starbucks will close all 379 Teavana stores citing underperformance, according to MarketWatch.  The coffee company purchased the primarily mall-based Teavana chain in 2012 for about $620 million. Starbucks will continue to sell Teavana-branded products in its stores and elsewhere, capturing a share of the $1.1 billion premium ready-to-drink bottled tea market. The company’s tea business has grown about 40 percent in the past five years. Starbucks has over 23,000 locations worldwide.

Teavana – Photo: Taubman Centers

Comments are closed.