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Starbucks (SBUX) to close all 379 Teavana Stores

Starbucks (SBUX) to close all 379 Teavana Stores”

"We conducted a strategic review of the Teavana mall-based store business and concluded that despite our efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue".

Teavana, a Starbucks-owned tea store, will shutter its doors by the end of the year as part of a national closure. Starbucks purchased Teavana five years ago.

Starbucks also reported global sales growth of 4 percent at established locations, fueled by higher average spending per visit. More than a dozen stores have closed at the almost 3-year-old, $315 million mall since its grand opening in October 2014. The Canadian company has come out strong since its IPO two years ago, with a total of 232 stores in the USA and Canada.

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The news comes as Starbucks announced it was expanding in China, with plans on doubling its coffeeshops to 5,000 locations in the Chinese market by 2021.

Teavana products are now sold in Starbucks locations, but it is unclear whether that would continue with Teavana stores closing.

Starbucks Corp's shares fell more than 7 percent on Friday as its membership growth slowed in the United States, triggering concerns over the US coffee chain's ability to meet long-term growth targets.

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"[Many] of our Teavana mall-based stores have been persistently underperforming", Johnson said on a call with analysts on Thursday evening.

Starbucks is making moves over in China at the moment.

Starbucks expects to sell over $1.6 billion of Teavana-branded handcrafted beverages through Starbucks stores around the world this year. The company is committed to operating 5,000 Starbucks stores in Mainland China by 2021, cementing Starbucks' future as a mainly coffee-based business.

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