Starbucks is closing all of its Teavana stores - Bring Me The News

Starbucks is closing all of its Teavana stores

There are nine in Minnesota.
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Not enough people are going to the mall to buy tea.

Starbucks said Thursday it will close all its mall-based Teavana retail stores. There are 379 of them, including nine in Minnesota (we've got a list below). 

The company says the mall stores have been "persistently underperforming," and despite efforts to revamp the stores, they expect them to continue to struggle.

The plan is to close all the stores over the next year, with most of them expected to shut down by spring 2018. 

These tea stores employ about 3,300 people, and Starbucks says they'll get the chance to apply for a job at a Starbucks store. The company says it plans to create 68,000 new jobs in the U.S. over the next five years, but doesn't actually explain how.

Starbucks bought the Teavana chain for $620 million back in 2012, marking its return to tea. Forbes says Starbucks started out as "Starbucks Coffee Tea and Spices," noting tea is the second most consumed beverage in the world. 

Starbucks' decision was announced during a financial earnings report released Thursday. If you want all the financial details about how the coffee giant is doing, click here

These are Minnesota's Teavana stores

Lots of stores are closing this year

Teavana's closings come as mall retailers continue to struggle, with consumers choosing to shop online instead of in a mall. Other notable businesses that have recently announced they'll close stores include:

There were 5,321 store closing announcements in the first six months of 2017, Fung Global Retail and Technology says.

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