Caribou Coffee To Close 80 Underperforming Stores

[dmx10101]

Caribou Coffee lovers may need to look a bit further for their caffeine fix.

The Minneapolis-based coffee company said Monday that it is closing 80 underperforming stores and converting another 88 stores to Peet's Coffee & Tea sites.

Caribou says it is making the changes after several months of consideration to better position the coffee company for long-term growth. The company says the store closures will occur in April but did not disclose where the closures would occur.

The conversions will occur over the next 12 to 18 months in Washington D.C. and eight states: Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois and Wisconsin.

Going forward, Caribou Coffee will be made up of 468 locations in Minnesota, North Dakota, South Dakota, Western Wisconsin, Iowa, Kansas, North Carolina, Colorado and 10 international markets.

Caribou was taken private last year by German investment firm Joh. A Benckiser Group GmbH, which also holds a majority stake in Peet's.

A representative for Peet's could not be reached for comment.

[jason83080]

The one in Avon, OH, became a Peet's, and closed again after only about a year in operation. I guess the two Starbucks within the same plaza (one inside the Target in that plaza, plus a solo location RIGHT ACROSS THE STREET) did it in.

[TheFugitive]

They bailed out of Pittsburgh awhile ago.
The one up the road is now an urgent care center.

There were rumors going around that their ownership had links to
Islamic terrorists.  I think there were boycotts happening in some places.

[Ameskid]

The location that was part of Jungle Jim's in Eastgate, OH closed after only a few months in business. It's now a pie place called Arbuckle Mountain.

The Caribou at Anderson Towne Centre lasted far longer; in fact, it was an original tenant when the shopping center opened in 2005.  Supposedly the announcement came as a surprise to consumers and employee alike...

[jason83080]

All of the Ohio stores were done as of last Monday. Peet's reps said that they're "focusing on key markets," which someone objected to, claiming that stores in those same markets also closed up.

Guess this round goes to Starbucks.

[TheFugitive]

In Pittsburgh the chain that took over most of the former Caribou locations is also
shutting down their local stores to "focus on key markets".

The 90's are over.  Guess it's time to wake up and smell the coffee.

[Hudsons81]

Here in Metro Detroit, Peet's already closed five former Caribou locations that they just took over last year back in August.

http://www.freep.com/article/20140804/BUSINESS06/308040113/Peet-s-coffee-closing-Michigan-Starbucks-opening

Will Peet's pull out of Michigan for good in this round to "focus on key markets?"