In an announcement made yesterday, Caribou Coffee Company, Inc., based in Minneapolis, has made the decision to close 80 of its lower-performing stores across the country, including at least two in the metro area. In addition to the store closings, Caribou will rebrand another 88 locations, which will now bear the name Peet's Coffee & Tea.
According to the St. Paul Pioneer Press, the Caribou locations at 5309 Lyndale Ave. in Minneapolis and at 6600 Lyndale Ave. in Richfield will be among the stores to close. According to other reports, Caribou plans to continue operating 468 locations in several states throughout the Midwest, which include Minnesota, western Wisconsin, North and South Dakota, Iowa, Kansas, and Colorado. Stores in North Carolina and 10 international locations will also get to keep the Caribou branding.
[jump] States that will feel the changes the most include eastern Wisconsin, Illinois, Michigan, Ohio, Pennsylvania, Maryland, Virginia, Georgia, and Washington.
The country's second-largest retail coffee seller said in a statement that "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."
Caribou Coffee Company, Inc., was bought last December by German investment firm Joh. A. Benckiser, owner of the Peet's Coffee & Tea brand. Early reports are that employees working at Caribou stores that will be rebranded will have to reapply for their positions.