Caribou Coffee Closing Stores In Illinois, Seven Other States
CHICAGO (AP) — Minneapolis-based Caribou Coffee has announced it is getting out of the Illinois market by closing two Chicago shops and converting the remaining 14 to Peet's Coffee & Tea.
In its announcement Monday, Caribou said it is making the changes to better position the company for long-term growth.
In addition to Illinois, Caribou is closing underperforming stores in in Washington D.C. and seven other states: Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia and Wisconsin.
Another 88 stores will be converted to Peet's Coffee & Tea sites.
Caribou has been "closely evaluating our performance by market to make decisions that best position us for long-term growth," said president and CEO Michael Tattersfield in a statement.
The decision to leave the Chicago market contrasts with the company's strategy two years ago, when it had 51 Chicago-area stores and was planning to open a dozen more.
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