Teavana closing at Lehigh Valley Mall, all 378 other locations

SBUX stock was down 8% as of Friday morning.

Teavana has 379 locations, including 17 in NY state.

Teavana, which was acquired by Starbucks in 2012 for $620 million, also has locations in Canada, Mexico, Puerto Rico, and the Middle East. However, Starbucks reported disappointing revenue and comparable sales growth on Thursday in its third quarter earnings report with the Teavana chain partially to blame. Despite creative merchandising and new store designs, Teavana was expected to continue its decline.

The popular tea retailer DavidsTea (DTEA - Free Report) is up 9% in morning trading following Teavana closures.

In total, about 3300 employees in the U.S. and Canada will lose their jobs.

But not all retail locations are dying out with the mall meltdown.

The move is similar to the company's 2011 decision to fully license its Hong Kong and Macau operations, Johnson said in a statement.

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An industry magazine said that Starbucks already holds over 60% of the Chinese café market, and had pushed to integrate its brand throughout the local market, by incorporating architecture that is eastern-style, red bean scones and green tea frappccinos.

While Argo Tea initially anxious, Starbucks' experiment failed.

The once profitable 379 free-standing tea bars will all be closing.

In September 2016, Starbucks had said it launched its new tea line Teavana in the whole Asia region after it was introduced in China.

Starbucks says it will close all of its 300+ Teavana stores over the coming year.

Last year, it generated $8 billion in global revenues.


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