Statement: Caribou Coffee to Close Stores

Created: 04/08/2013 3:43 PM KSTP.com By: Leslie Dyste

Minnesota based Caribou Coffee is closing dozens of its stores across the country.

The company released the following statement Monday:

"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. 

With that, we will be closing 80 underperforming stores on April 14th, and an additional 88 coffeehouses across Ohio, Michigan, Pennsylvania, Washington D.C., Maryland, Virginia, Georgia, Illinois and Eastern Wisconsin will be converted to Peet’s Coffee & Tea locations over the next 12 to 18 months.

Going forward, Caribou Coffee will be made up of 468 locations across Minnesota, North Dakota, South Dakota, Western Wisconsin, Iowa, Kansas, North Carolina, Denver, and ten international markets. While the decisions we’ve made have been difficult for our team in Minneapolis, as well as our team members across the country and our guests and fans everywhere, we are working to make this transition as seamless as possible for the Caribou community.

We look forward to continuing to deliver extraordinary experiences to our guests and fans, and thank everyone for their passion and commitment to Caribou. For any questions, please contact 888.CARIBOU."

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