Business

Starbucks will close all Teavana locations, including 3 in Pittsburgh area

Starbucks will close all Teavana locations, including 3 in Pittsburgh area”

Starbucks announced that all 379 of its Teavana stores around the world will close by spring 2018 as part of a restructuring plan.

The Starbucks-owned Teavana brand is closing down all its storefronts, in what is the latest blow to struggling American malls.

But the Seattle-based company said in a news release that its Teavana stores, primarily located in shopping malls, "have been persistently underperforming".

The closures will see about 3,200 employees lose their jobs, said spokeswoman Madeleine Lowenborg-Frick in an email, adding the company can offer work opportunities to interested employees at Starbucks locations near to them. Its embrace of the digital revolution has made the coffee chain look nearly as much like a tech company as it does a food service company.

The company also announced that would close all 379 of its Teavana stores, which it acquired in 2012, according to a report in Reuters. 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.

Starbucks also reported global sales growth of 4 percent at established locations, fueled by higher average spending per visit.

Starbucks is making moves over in China at the moment. Starbucks purchased Teavana five years ago. Instead, Teavana products began to show up on the standard Starbucks menu, including an Oprah-endorsed chai and a piña colada-themed tea drink.

Starbucks' shares were down 7.6 percent at $54.95 in early trading and the company was on course to shed about $7 billion in market value.

At the time, Starbucks was trying to seize on what it viewed to be an emerging tea market.



Like this

Latest


28 July 2017
Adam Peaty breaks world record TWICE as he storms to victory
He will now try to make it a triple-double in the 4x100m mixed relay later on Wednesday. Kathleen Dawson was 19th in 28.42, missing out on a place in the semi-finals.

28 July 2017
Charlie Gard will be moved to hospice in days
After the judge made his decision, Ms Yates left the court crying and said: "I hope you are happy with yourselves". Great Ormond Street hospital said on Tuesday that would not be possible for practical reasons.

26 July 2017
Donald Trump Blocks Chrissy Teigen On Twitter For This Crazy Reason
Now, it seems Trump has had enough - and it took just five words for Teigen to be blocked by the tweet-happy President. Considering more than 5000 people shared Teigen's response, it's safe to say she wasn't alone in her sentiment.

26 July 2017
US Navy fires warning shots at Iranian ship in Gulf — BBCI
The USS Thunderbolt was transiting with the USS Vella Gulf , a Ticonderoga-class guided missile cruiser, and two other U.S. In reply the IRGC third naval zone said that its forces neutralized the United States vessel's provocative move.

23 July 2017
Poland prime minister defends courts legislation
Sources close to the Presidential Palace told Reuters news agency that President Andrzej Duda was on holiday on the Baltic coast. Prime Minister Beata Szydlo says the legislation is an internal matter and the government will not bow to any foreign pressure.

22 July 2017
Samsung Galaxy Note 8 launch on August 23 in New York: Here's
Alongside the renders we've come across a few pictures of the Galaxy Note 8's S Pen, though it looks mostly unchanged. Samsung Galaxy Note 8 won't have a home button, and fingerprint sensor is expected to be present on the back cover.

20 July 2017
There can be only one flag: Centre snubs state
The flag of Kannada pride has triggered a row only because of the 'bad-timing'. "We have only one flag and that is the national flag", he said .

20 July 2017
Missing paperwork may erase student debt for tens of thousands
The trust organization is facing trouble proving in court that it has the legal paperwork to prove ownership of its loans. These private loans were not guaranteed by the federal government, which is the nation's largest student loan lender.

20 July 2017
MUG SHOT: Notorious jewel thief Doris Payne arrested again
Payne's exploits as a thief made her the focus of a Netflix documentary entitled " The Life And Crimes of Doris Payne " in 2014. Her lawyer, Drew Findling , was quoted by local media as saying: "This is a sharp contrast to all the cases in the past".

20 July 2017
The Analysts Set Dominion Diamond Corporation (DDC) PT at $14.78
Schroder Investment Management Group raised its position in shares of Dominion Diamond Corporation by 17.5% in the first quarter. The stock witnessed 10.42% gains, 12.35% gains and 36.36% gains for the 1-month, 3-month and 6-month period, respectively.



Recommended