Teavana Closing Stores: All 379 Locations to Shutter

29 July, 2017, 00:30 | Author: Celia Hoffman

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

"As reported on the Q2 call, numerous company's principally mall-based Teavana retail stores have been persistently underperforming", the earnings statement said. The 3,300 employees affected by the closures have been encouraged to apply for positions at Starbucks stores.

The company said it "concluded that despite efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue".

Starbucks first purchased Teavana, a mall-based business, in 2012 for $620 million.

On a call with analysts on Thursday evening, CEO Kevin Johnson said the entire retail sector is going through "this massive disruption". In the previous quarter, the company warned that the stores were performing poorly, especially those based in shopping malls.

Starbucks is planning to create another 240,000 jobs over the next five years as it targets the Chinese market, which is now the most lucrative for the Seattle-based firm.

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"Starbucks' growth potential in China is unparalleled", Johnson told the Tribune said during a phone interview Thursday.

RBC Capital Markets analysts said about 36% of the company's USA revenue in the third-quarter came from Starbucks rewards members, which makes the stall in user growth a cause for concern.

ABQ Uptown has seen a number of businesses close in recent months, including Bebe's, Marcello's Chophouse and, most recently, Alfred Angelo.

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.

Facing tepid growth in the United States market, Starbucks has announced it will step away from its flagship tea business, and shift focus to China. Starbucks will continue to sell Teavana drinks in its Starbucks stores as well as bottled Teavana drinks in grocery stores.

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