Caribou Coffee shuttering scores of coffee shops
DENVER — Caribou Coffee is drastically thinning its herd of stores, but locations in Denver appear to be safe.
“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,” the company said in a media release Monday. “With that, we will be closing 80 underperforming stores.”
The plan so far is to close coffee shops around the country on April 14 and convert 88 more to Peet’s Coffee & Tea stores, Caribou said. However, certain key markets will remain unchanged.
“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,” the company said.
The Minneapolis Star Tribune reported that most of the chain’s employees were only notified of the closures on Friday. Caribou’s Facebook page was filled with comments from people claiming to be angry workers on Monday.
While nominally based in Minneapolis, Caribou was purchased last year by JAB Holdings.