Caribou Coffee Closing 80 Shops, To Rebrand 88 Others

Image: Caribou Coffee Closing 80 Shops, To Rebrand 88 Others A Caribou Coffee store in Chicago, Illinois.

Tuesday, 09 Apr 2013 01:58 PM

By Alexander Ward

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
Caribou Coffee announced Monday it will close 80 underperforming branches throughout the country next week and work to rebrand 88 other locations to Peet's Coffee & Tea shops over the next 18 months.

The Minneapolis-based Caribou Coffee plans to continue to run 468 of its locations in Minnesota, North and South Dakota, Iowa, Kansas, western Wisconsin, North Carolina, Denver, Colorado, and 10 other international markets.

"Over the past few months, we at Caribou have revisited our business strategy, including closely evaluating our performance by market to make decisions that best position us for long-term growth," the announcement said.

Special: Should the Supreme Court Legalize Gay Marriage? Vote in Urgent Poll.

Founded in 1992, Caribou was privatized in 2012 in a $340 million deal with German equity company Joh.A.Benckiser Group, which also owns Peet's. Caribou reported its 2009 revenue at $262 million. In comparison, Starbucks reported $13.3 billion in revenue during the fiscal year 2012, according to CNN.

Caribou's Facebook and Twitter pages were flooded with comments from customers disappointed with the closures.

"I am thankful I have another year left to enjoy my store," Facebook user Kelly Sebranek posted on Caribou's promotional page. "But it's depressing knowing it will eventually be gone. The workers there have been so nice and hard working. They remember me and my favorite drink. There is no other drink like my favorite Campfire Mocha anywhere else!"

"As a very loyal customer, I am disappointed that Caribou has chosen to close so many stores," Kipp Hayden wrote. "In major metropolitan areas too?! With the constant flow of devoted customers!! Makes no sense!!"

On its Twitter feed, Caribou responded personally to every comment it received.

Obama or GOP: Who’s to Blame for Budget Crisis? Vote Now

Related stories:

Starbucks to Sell K-Cups for Green Mountain’s Keurig Next Week

Green Coffee: Weight Loss Without Hunger

The Price of Coffee Will Double in Coming Years

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Tapeworm in Brain of Man for 4 Years Removed by Surgeons

Saturday, 22 Nov 2014 17:33 PM

A tapeworm that not only lived in a man's brain for four years but traveled from one side of the brain to the other has  . . .

Window Washer's 11-Story Fall Ends Atop Car - He Survived!

Saturday, 22 Nov 2014 17:14 PM

A window washer survived with critical injuries after falling 11 stories from the roof of a San Francisco bank building  . . .

Georgia O'Keefe $44 Million Painting Most for Woman Artist

Saturday, 22 Nov 2014 16:49 PM

A new world auction record for women artists was set when a painting by late American artist Georgia O'Keeffe sold for m . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved