Starbucks to close all Teavana locations

Javier Stokes
July 29, 2017

No word on whether or not Teavana's online platform will continue to function after the physical store closures, but Starbucks does plan to continue serving the tea products in its own coffee shops.

Fans of oolong and English Breakfast - and, okay, free samples at the mall - are in mourning as Starbucks announces that it's shutting down all of its Teavana stores nationwide.

The closures are scheduled over the coming year, with the majority closing by spring 2018.

Submit your Newswire tips here. "Starbucks' growth potential in China is unparalleled", said Johnson. Across the country, food traffic many malls and food courts (where most Teavana locations are found) has been steadily declining. There were 5,300 store closing announcements in the first six months of the year, triple the number during the same period last year, according to an analysis by Fung Global Retail & Technology.

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The chain, which Starbucks bought in 2012 for $620 million, has about 3,300 employees. 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. The company had announced earlier that increased pressure in the retail and restaurant sectors were making it more cautious as it progressed into the next quarter.

C'is the beginning of the end for Starbucks and its banner Teavana specializes in the sale of tea.

On Thursday, Starbucks said it shell out $1.3 billion to buy out its joint venture partners in its East China business. The company is committed to operating 5,000 Starbucks stores in Mainland China by 2021, cementing Starbucks' future as a mainly coffee-based business. Starbucks will continue to sell Teavana drinks in its Starbucks stores as well as bottled Teavana drinks in grocery stores. By 2020, it's predicted to blast through the roof to $47 billion.

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