Teavana Is Closing Down All 372 Stores — Forever
Get your free tea samples while you still can, because all of Teavana stores are set to close. Yes, even the one at your mall with the tempting scents of peppermint and cinnamon wafting through the air. Starbucks announced that all 379 Teavana stores in the country are shutting down for good. The move will impact 3,300 employees.
According to Starbucks, the move is a decision made based on the “underperformance” of all these stores. The coffee chain had first announced plans to purchase the struggling Teavana in 2012. But Teavana still didn’t perform as well as Starbucks had hoped.
“The company concluded that despite efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue,” Starbucks said in a press release.
Most of the Teavana locations will be shut down by Spring 2018, Starbucks said. In the meantime, people who are currently employed at Teavana are invited to apply for work at Starbucks locations to preserve their jobs.
This announcement marks yet another wave of store shutdowns in malls across the country. Companies like JC Penney and Gamestop have made announcements that they would be shutting down many of their locations this year. All in all, there have been a whopping 5,300 store closing announcements during the first six month of this year. And what’s really jarring? That’s triple the amount of closings during the same time period last year.
Moral of the story? If you love a store’s products (Who doesn’t love stopping by to inhale the yummy aromas at Teavana, not to mention those sweet samples?), consider spending a few dollars there. Our favorite stores truly need our support, or they won’t stay around.
h/t CNN Money
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