Caribou to close 80 underperforming stores, but not in AustinPublished 4:18pm Tuesday, April 9, 2013
Caribou Coffee announced Monday it is closing 80 stores, but the one in Austin is not among them, according to a manager there.
The Minneapolis-based coffee company said it is also converting another 88 stores to Peet’s Coffee & Tea sites.
Caribou said it is making the changes to better position the coffee company for long-term growth. It said the stores will be closed in April but did not say where the closures would occur.
The conversions will occur over the next 12 to 18 months in Washington D.C. and eight states: Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois and Wisconsin.
Going forward, Caribou Coffee will be made up of 468 locations in Minnesota, North Dakota, South Dakota, western Wisconsin, Iowa, Kansas, North Carolina, Colorado and 10 international markets.
Caribou was taken private last year by German investment firm Joh. A Benckiser Group GmbH, which also holds a majority stake in Peet’s.
A representative for Peet’s could not be reached for comment.
The Caribou in Austin is at 1001 18th Ave. NW and attached to Hy-Vee gas.
— The Associated Press contributed to this report.