Focusing on its core coffee-shop business, Starbucks on Thursday said it will close its Teavana stores, even as it takes full ownership of all Starbucks stores in China in that rapidly expanding market.
The company is closing all 379 Teavana retail stores, saying that they’re struggling and would likely continue doing so. Many of those stores are located in malls, where traffic has been declining.
The stores will close over the coming year, with most closing by spring 2018. The 3,300 employees affected can apply for positions at Starbucks stores.
The company will continue to sell Teavana drinks in its Starbucks stores as well as bottled Teavana beverages in grocery...