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Continued: New Caribou owner shuts 80 stores, rebrands 88 others

  • Article by: MIKE HUGHLETT , Star Tribune
  • Last update: April 8, 2013 - 8:27 PM

Analysts say that given the cross-pollination of Peet’s and Caribou unveiled Monday, it wouldn’t be surprising if at some point their new owner combines some operations.

Last week, Joh. A. Benckiser Group made a preliminary $9.7 billion bid for another coffee company, Amsterdam-based D.E. Master Blenders 1753.

JAB is more than just coffee

In addition to its coffee foray, the JAB Group has several investments in high-end retail, including such brands as Jimmy Choo and Bally, and cosmetics maker Coty Inc.

JAB paid $16 per share for Caribou, a company in dire enough straits in 2008 that its stock was below $2 when Tattersfield became its CEO. It had gone public at $14 a share in 2005.

During Tattersfield’s tenure, the company has improved the quality of its products and expanded its menu, particularly with new breakfast offerings.

Caribou didn’t disclose the number of workers who will lose their jobs because of the store closures.

“The most challenging element of this decision has been the potential implications for Caribou team members,” Tattersfield said in his statement. “We are going to do out best to ensure that the transition is as seamless as possible.”

Staff writer Steve Alexander contributed to this report. Mike Hughlett • 612-673-7003

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  • At the Caribou Coffee shop in the U.S. Bank building in downtown Minneapolis, customers will continue to see the familiar Caribou brand.

  • More than 25 percent of Caribou Coffee’s U.S. shops are being closed or rebranded under the Peet’s name by its new owner. However, only three of the 201 Twin Cities shops are being shut down.RICHARD TSONG-TAATARII rtsong-taatarii@startribune.com

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