TL;DR
Starbucks announced plans to close all Teavana locations five years after purchasing them, but the acquisition helped grow its own tea business by 40%. The company may have made the purchase to increase its tea knowledge.
Five years after purchasing Teavana stores, Starbucks announced plans to close all of its locations. According to Nation's Restaurant News, the closures are partly a result of shoppers turning to online retail platforms.
Though the acquisition did not last long, it did benefit Starbucks. The company has grown its own tea business by 40% since purchasing Teavana, and the article states the brand may have made the initial purchase in order to increase its tea knowledge.
This is not the first time the coffee giant has made an acquisition it then closed years later. In 2011, Starbucks bought a bakery chain called La Boulange, which was closed two years ago. Starbucks incorporated comparable bakery offerings to its own menu, which is similar to its actions with Teavana.
In this story
This story was originally published in 1851 Franchise on August 2, 2017. Burnaze summarizes and links to the original reporting.
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