March 23, 2018

The tea party is over: Starbucks to close all Teavana locations

29 July 2017, 12:55 | Lionel James

Starbucks is closing Teavana stores in Baton Rouge and Metairie as it shutters all 379 locations worldwide in the upcoming year in a shift by the coffee giant away from locations based in shopping malls.

More and more mall-based stores have announced closings in recent years, and a recent report from Credit Suisse said that 20 to 25 percent of American malls may close within the next five years, according to CNN Money.

Submit your Newswire tips here. More than a dozen stores have closed at the almost 3-year-old, $315 million mall since its grand opening in October 2014.

"Innovation is key, and we continue to innovate around tea, just this month introducing Teavana Infusions, a flavor platform made from real fruits and botanicals that strengthens our lineup of healthy, less indulgent, premium cold beverages", CEO Kevin Johnson said during the company's Q3 earnings call Thursday, reiterating the company's commitment to offer non-coffee beverages.

United States sanctions Iranian companies after satellite launch
Treasury Secretary Steven Mnuchin said the sanctions illustrate deep U.S. concerns about Iran's missile testing and other actions. The 2015 accord imposed restrictions on Iran's nuclear program in exchange for sanctions relief.

The chain, which Starbucks bought in 2012 for $620 million, has about 3,300 employees. Dunkin' Donuts said earlier in the day that customer traffic fell again at its established USA locations.

Starbucks is making moves over in China at the moment. This versatile strategy may have helped the company increase its sales by 9.4% during its first quarter of 2017.

Starbucks said earlier on Thursday that it plans to make another major investment in China.

Net income at Starbucks in the third quarter ended July 2 totaled $691.6 million, equal to 47c per share on the common stock, down 8% from $754.1 million, or 51c per share, in the same period a year ago. But that was still less than analysts expected.

Other News

Trending Now

United Kingdom hospital regrets protracted dispute over Charlie Gard treatment
Charlie's parents on Monday gave up their four-month court battle after seeing new test results that had been ordered by Dr. In Britain, courts make right-to-life decisions, not patients or families, as is usually the case in the United States .

Jailed Volkswagen exec to plead guilty in USA diesel scandal
The information was revealed by court spokesman David Ashenfelter, while Schmidt's lawyer, David DuMouchel, declined to comment. A Volkswagen AG compliance executive charged in the company's emissions-cheating scandal is preparing to plead guilty .

Woman Killed Aboard Cruise Ship Under Suspicious Circumstances
A security officer aboard the cruise ship handcuffed Manzanares and detained him in an adjoining cabin, the affidavit said. The Emerald Princess was on a seven-day round-trip cruise that departed Seattle on Sunday, according to the cruise line.

BBC's Female Stars Demand Network Close The Gender Pay Gap
They wrote that the report confirmed a long-held suspicion that "women at the BBC are being paid less than men for the same work". Across the BBC , our provisional figures show that the pay gap is 10% against a national average of over 18 percent.

WhatsApp's Latest Milestone is 1-Billion Daily Active Users
But the business feature is yet to be rolled out, even though the company has said it is working on the same. Facebook owned WhatsApp is now enjoying the success of tremendous growth in their users base globally.

Ed Sheeran, Alt-J, The xx Nominated for 2017 Mercury Prize
Ed Sheeran's ÷ enjoyed incredible commercial success in 2017 but the Mercury Prize is famous for ignoring such achievements. Lesser know artists whose albums were nominated include Sampha، J Hus، Loyle Carner، Dinosaur and The Big Moon.

Trump tweets supermodel no more: Donald blocks Chrissy Teigen from Twitter account
Trump tweeted, "It's very sad that Republicans, even some that were carried over the line on my back, do very little to protect their President".

Saudi led bloc blacklist Qatar, Yemeni organisations, individuals
Britain's government has praised the Qatari emir's willingness for dialogue to resolve the ongoing diplomatic dispute with Saudi Arabia, UAE, Bahrain and Egypt.

Trail Blazers Trade Allen Crabbe to Nets
McCollum ($24 million) and Evan Turner ($17 million) on the books, the Blazers are in a position where they need to shed salary. Crabbe, according to Wojnarowski , agreed to waive the trade kicker, which lessens the salary burden on Brooklyn.

Draymond Green to face civil lawsuit from incident in MI last summer
That's when Green asked people around him who Edmondson was, "like I wasn't even worthy of talking to him", Edmondson said. That's when two men with Green allegedly pushed Edmondson against a wall and choked him, according to Bloom.