Starbucks Is Shutting Down All Of Its Teavana Stores
00:32, Jul 29, 2017
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While closing its Teavana stores might seem like a drastic move, consumers shouldn't worry too much about Starbuck's overall well-being. The company operates more than 25,000 locations, including standalone stores and retail outlets inside larger stores. Some 3,000 workers will lose their jobs but Starbucks says it's encouraging employees to apply for Starbucks positions.
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The deal in China will give Starbucks ownership of about 1,300 stores in Shanghai, Jiangsu and Zhejiang.
Starbucks announced it will close all 379 of its Teavana locations after the tea shop showed poor sales and didn't show any hope of improving. But the frequency of customer visits was flat from a year ago.
Starbucks plans to launch Teavana-branded packaged tea in grocery channels by the end of fiscal 2018.
The announcement came as Starbucks said global sales rose four per cent at established locations for the quarter ended July 2, fueled by higher average spending per visit.
Starbucks shares fell $1.25 to $58.25 in extended trading.
This is not new for Starbucks, they've also bought, but then shuttered, bakery chain La Boulange. The majority of brick and mortar Teavana stores are located inside of these former consumer hotspots, so it's no wonder Starbucks Corporation has made a decision to do away with the flailing company.
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