Finance

Starbucks to close all Teavana stores

Starbucks to close all Teavana stores”

A recently released third-quarter report from the brand indicates that numerous company's mall-based Teavana retail stores have been "persistently underperforming".

Between 20% and 25% of American malls will close within five years, Credit Suisse said in a report released last month.

The Seattle-based coffee giant announced its tea retailer was underperforming as third-quarter earnings results Thursday fell below Wall Street expectations for revenue and comparable sales growth. So Starbucks has made a decision to close all of the stores, affecting 3,300 jobs, Starbucks said. The Canadian company has come out strong since its IPO two years ago, with a total of 232 stores in the US and Canada.

The company said it will close most of its locations by spring 2018.

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Teavana products are now sold in Starbucks locations, but it is unclear whether that would continue with Teavana stores closing.

About 3,300 employees at Teavana "will receive opportunities to apply for positions at Starbucks stores, as Starbucks remains on track to create 240,000 new jobs globally and 68,000 in the US over the next five years", the statement continued.

It acquired the 50 percent of Shanghai Starbucks Coffee Corporation that it didn't already own from JV partners Uni-President Enterprises Corporation and President Chain Store Corporation. Stifel downgraded Starbucks to hold from buy on the fourth-quarter guidance cut, which suggests slowing global and USA same-store sales growth with both retail and restaurant pressures to blame.

Johnson dismissed the idea that such promotions affect Starbucks, saying that the "value players" are competing in a different segment.



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