Starbucks To Close All 379 Teavana Locations, Including Seven In Maryland
Starbucks Corp. announced on Thursday it would close its 379 Teavana stores housed in malls across the country, including seven in Maryland.
The American coffee company will also close the specialty chain that sells tea-related products, such as teas and teapots, over the next year. It acquired the struggling Teavana Holdings for $620 million in 2012.
The Teavana closures will impact 3,300 workers, which will be invited to apply for positions at Starbucks stores. Starbucks said it continues to expand and will add 240,000 new jobs globally, including 69,000 in the United States over the next five years. Most of the growth is taking place in China, where it plans to make another major investment.
In an April report, Credit Suisse, a Zurich-based financial company, said 20 to 25 percent of malls in the United States would close by 2022.