The Starbucks-Owned Teavana Is Closing Down All Of Its 379 Storefronts Affecting 3,300 Workers.




Via CNN Money

Starbucks announced on Thursday that all 379 Teavana stores -- which are primarily based in malls across the country -- have been "underperforming." 

The move will impact 3,300 workers. 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 locations will shut down by Spring 2018, Starbucks said, and people employed at Teavana locations will be invited to apply for jobs at Starbucks locations in order to preserve their jobs.

The coffee giant first announced plans to purchase the struggling tea retailer Teavana in 2012 for $620 million.





Between 20% and 25% of American malls will close within five years, Credit Suisse said in a report released last month. 
Despite the Teavana closures, Starbucks again said it's expanding rapidly, with plans to add 240,000 jobs globally over the next five years. 


However, most of that growth is taking place overseas, particularly in China.