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Wed, September 30 at 4:00PM ET

Caribou Coffee Shuttering Many of Its Shops

Other coffee locations will be re-branded under a different name

CaribouCoffeeLogoCoffee lovers across the country will soon have fewer shops in which to indulge their passion.

On Monday, Caribou Coffee announced that it will shutter 80 of its coffee shops nationwide, due to poor performance. The company did not reveal which shops would close, but said that the closures would be completed this month, the Associated Press noted.

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The company, which was acquired by Germany’s Joh. A. Benckiser Group last year, will continue to operate 468 coffee shops in eight U.S. states and 10 countries overseas.

An additional 88 shops in eight states, including Ohio, Maryland, Virginia, Michigan, Georgi, Wisconsin and Illinois, will be rebranded as Peet’s Coffee & Tea shops.

Those shops will be transitioned to the new brand over the next year and a half. Peet’s Coffee & Tea was also purchased last year by Joh. H. Benckiser.

In the U.S., Caribou competes with leading national coffee chain Starbucks (NASDAQ:SBUX).

Shares of Starbucks slipped fractionally in Tuesday morning trading.

Article printed from InvestorPlace Media, https://investorplace.com/2013/04/caribou-coffee-shuttering-many-of-its-shops/.

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