Caribou Coffee to close 80 underperforming storesBy The Associated Press , Associated Press
Apr. 8, 2013 6:55 PM ET
Caribou Coffee lovers may need to look a bit further for their caffeine fix.
The Minneapolis-based coffee company said Monday that it is closing 80 underperforming stores and converting another 88 stores to Peet's Coffee & Tea sites.
Caribou said it is making the changes to better position the coffee company for long-term growth. It said the stores will be closed in April but did not say where the closures would occur.
The conversions will occur over the next 12 to 18 months in Washington D.C. and eight states: Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois and Wisconsin.
Going forward, Caribou Coffee will be made up of 468 locations in Minnesota, North Dakota, South Dakota, Western Wisconsin, Iowa, Kansas, North Carolina, Colorado and 10 international markets.
Caribou was taken private last year by German investment firm Joh. A Benckiser Group GmbH, which also holds a majority stake in Peet's.
A representative for Peet's could not be reached for comment.