Caribou Coffee to close 66 stores in Illinois - New York News

Caribou Coffee to close 66 stores in Illinois

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CHICAGO (Associated Press) -

Minneapolis-based Caribou Coffee has announced it is getting out of the Illinois market by closing two Chicago shops and converting the remaining 14 to Peet's Coffee & Tea.

The coffee chain will close most of its 66 Illinois locations, according to the Chicago Tribune.

In its announcement Monday, Caribou said it is making the changes to better position the company for long-term growth.

In addition to Illinois, Caribou is closing underperforming stores in in Washington D.C. and seven other states: Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia and Wisconsin.

Caribou has been "closely evaluating our performance by market to make decisions that best position us for long-term growth," said president and CEO Michael Tattersfield in a statement.

The decision to leave the Chicago market contrasts with the company's strategy two years ago, when it had 51 Chicago-area stores and was planning to open a dozen more.

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