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Teavana to close stores in Baton Rouge, Metairie in worldwide shutdown

29 July, 2017, 00:58 | Author: Samuel Sharp

Shares of Starbucks were falling 9% in morning trading on Friday.

Company officials said that lagging sales and declining mall traffic led to the decision to close the chain, which was acquired by Starbucks back in 2012.

Starbucks is making moves over in China at the moment.

Starbucks acquired the US mall-based chain in 2012, with then-CEO Howard Schultz citing the huge potential for the tea market.

The popular tea retailer DavidsTea DTEA is up 9% in morning trading following Teavana closures.

While DavidsTea does have mall-based locations, the company doesn't restrict itself like Teavana does. McDonald's, meanwhile, has been promoting $1 sodas and $2 McCafe smoothies, frappes and shakes, a strategy the burger chain says helped bring in customers during the second quarter.

Teavana has also had little success competing with Argo Tea for the last few years. Many of them will be shut down by next spring. Starbucks has announced plans to acquire the remaining 50 percent stake of its East China joint venture that it does not already own. The company is committed to operating 5,000 Starbucks stores in Mainland China by 2021, cementing Starbucks' future as a mainly coffee-based business.

The first store Teavana to close its doors will be located in Canada. The majority of brick and mortar Teavana stores are located inside of these former consumer hotspots, so it's no wonder Starbucks Corporation has chose to do away with the flailing company. About 3,300 employees will be impacted by the closings, but will be able to apply for jobs with Starbucks, which plans to hire 240,000 workers worldwide over the next five years. Total revenue was $5.66 billion, less than the $5.76 billion expected.



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