Caribou Coffee to close 80 stores nationwide 09 Apr 13

MINNEAPOLIS (AP) – Caribou Coffee lovers may need to look a bit further for their caffeine fix.

The Minneapolis company said Monday that it is closing 80 under performing stores and converting another 88 stores to Peet’s Coffee and Tea sites.

Caribou says it is making the changes to better position the coffee company for long-term growth. The company says the store closures will occur in April but did not disclose where. The conversions will occur over the next 12 to 18 months in nine states.

Caribou was taken private last year by a German investment firm that also holds a majority stake in Peet’s.