Oolong, farewell: Starbucks is closing its Teavana stores

29 July, 2017, 00:55 | Author: Franklin Nunez
  • Goodbye, Teavana: Starbucks Shuts Down Chain Over Disappointing Earnings

The Starbucks Coffee Co. says its closing all 379 of its Teavana locations, which includes the one at the Lehigh Valley Mall in Whitehall Township.

The Mall at University Town Center is losing its Teavana store, bringing total causalities from mass corporate closures at the shopping center to four for the year. The move isn't all that surprising, though, since the company said back in April that it had been reviewing options for its Teavana stores. The Canadian company has come out strong since its IPO two years ago, with a total of 232 stores in the US and Canada. "Typically leases have escalation clauses".

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Five years ago Starbucks acquired La Boulange bakery and Teavana Holdings, Inc. with the expectation that the companies would allow it to innovate with new products, enter new categories and expand into new channels of distribution.

Most locations will shut down by Spring 2018, Starbucks said, and people employed at Teavana locations will be invited to apply for jobs at Starbucks locations in order to preserve their jobs.

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Johnson dismissed the idea that such promotions affect Starbucks, saying that the "value players" are competing in a different segment. Since 2003, when the company opened its first store in Chicago, Argo Tea has operated dozens of tea cafes across the U.S. When Starbucks bought Teavana, the company planned to open similar tea bars across the country. Sales at established location in its Asia unit rose just 1 percent. Earlier on Thursday, the company also announced that it would be spending $1.3 billion to purchase the remaining 50% of its joint venture business in China, according to a Chicago Tribune report. "Starbucks' growth potential in China is unparalleled", said Johnson. New store openings helped lift revenue 8 percent to $5.66 billion.

The company trimmed its adjusted earnings per share forecast to between $2.05 and $2.06 per share.

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