Starbucks is closing all Teavana stores, including 3 in Pittsburgh area

Starbucks is closing all Teavana stores, including 3 in Pittsburgh area

Starbucks is closing all Teavana stores, including 3 in Pittsburgh area

In an effort to focus more on its coffee-shop business, Starbucks announced on Thursday that it will be shutting down all 379 of its Teavana store locations within the next year, according to a CBS MoneyWatch report.

The Mall at University Town Center is losing its Teavana store, bringing total causalities from mass corporate closures at the shopping center to four for the year.

The 3,300 employees affected by the closings, most of which will take place by next Spring, will be able to apply for positions at Starbucks stores.

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"As reported on the Q2 call, numerous company's principally mall-based Teavana retail stores have been persistently underperforming", the earnings statement said.

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Starbucks CEO Kevin Johnson on Thursday noted declining foot traffic at malls.

The coffee giant first announced plans to purchase the struggling tea retailer Teavana in 2012 for $620 million.

Unlike in the United States, though, Starbucks' ambitions in China aren't rooted exclusively in physical coffeeshop locations-be they standalone stores or shopping mall spots. McDonald's, meanwhile, has been promoting $1 sodas and $2 McCafe smoothies, frappes and shakes, a strategy the burger chain says helped bring in customers during the second quarter.

C'is the beginning of the end for Starbucks and its banner Teavana specializes in the sale of tea. Starbucks stock fell 5.6 percent on the announcement. The majority of brick and mortar Teavana stores are located inside of these former consumer hotspots, so it's no wonder Starbucks Corporation has made a decision to do away with the flailing company.

Starbucks expects to sell over $1.6 billion of Teavana-branded handcrafted beverages through Starbucks stores around the world this year.

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