MINNEAPOLIS - Minnesota-based Caribou Coffee confirmed Monday that the corporation will close 80 locations and rebrand another 88 in an effort to improve performance.
"Over the past few months, we at Caribou have revisited our business strategy, including closely evaluating our performance by market to make decisions that best position us for long-term growth," the company said in a written statement.
The 80 stores, labeled as under-performing, will be shuttered April 14. At this point the locations of those stores have not been identified, and it is unclear whether any of them are in Minnesota or western Wisconsin.
The 88 locations that will be re-branded are located across Ohio, Michigan, Pennsylvania, Washington D.C., Maryland, Virginia, Georgia, Illinois and Eastern Wisconsin. They will be converted to Peet's Coffee & Tea locations over the next 12 to 18 months.
Following the corporate re-shuffle Caribou Coffee will be made up of 468 locations across Minnesota, North Dakota, South Dakota, Western Wisconsin, Iowa, Kansas, North Carolina, Denver, and ten international markets.
"While the decisions we've made have been difficult for our team in Minneapolis, as well as our team members across the country and our guests and fans everywhere, we are working to make this transition as seamless as possible for the Caribou community. We look forward to continuing to deliver extraordinary experiences to our guests and fans, and thank everyone for their passion and commitment to Caribou," the company stated.
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