Caribou Coffee to close 80 stores, rebrand 88 others

Caribou Coffee is closing 80 locations next week and plans to convert 88 others to Peet’s Coffee & Tea shops within the next 18 months. After closing 80 “underperforming” stores, 88 other Caribou locations will become Peet’s, as Caribou becomes extinct or critically endangered in Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois, eastern Wisconsin and Washington. When the purge is complete, Caribou plans to continue to operate 468 locations in Minnesota, North and South Dakota, Iowa, Kansas, western Wisconsin, North Carolina, Denver, Colorado, and 10 international markets. Read the CNN story here.