by Christopher Freeburn | January 2, 2013 12:36 pm
Starbucks (NASDAQ:SBUX) is now the owner of 300 tea stores, located in malls across the U.S.
The coffee chain giant announced in November that it would purchase tea shop operator Teevana for $620 million. The move prompted concerns from analysts who worried that the coffee chain was taking on too much managerial complexity in its efforts to diversify, The Seattle Times noted.
However, a Robert W. Baird & Co. analyst said Starbucks executives had indicated that they won’t likely seek additional acquisitions in the near term.
In addition to Teevana, Starbucks has recently acquired Evolution Juice, a California-based juice brand, and La Boulange, a baked-goods chain. It will also be among seven bidders at a bankruptcy auction for the 47 stores of Tully’s Coffee later this week.
Teevana stores offer “teaologists” who help customers choose and prepare a variety of teas.
Shares of Starbucks rose almost 2% in Wednesday midday trading.
Source URL: http://investorplace.com/2013/01/starbucks-completes-deal-to-buy-tea-chain/
Short URL: http://invstplc.com/1nyBcuA
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.