Starbucks to close Teavana stores

Posted at 10:10 AM, Jul 28, 2017
and last updated 2017-07-28 10:10:23-04

Starbucks announced Thursday it will closed all 379 Teavana stores because they have been “underperforming.”

"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, according to CNN.

Locally, Teavana has a location in the Kenwood Towne Centre and another in the Greene Towne Center in Beavercreek. The closures will impact 3,300 workers, CNN reported.

Most locations will close by spring of 2018, Starbucks said. Teavana employees will be invited to apply at Starbucks locations.

The coffee giant’s latest announcement comes in the wake of multiple stores closing throughout malls across the country. Retailers like JCPenney and GameStop have also recently closed locations as they struggle to compete with online stores.

Between 20 and 25 percent of American malls will close within five years, according to a Credit Suisse report.