Do you remember Teavana?
An American company selling a wide range of teas — black, green, herbal, rooibos, mate, etc. — and tea related equipment. The company specializes in blends — black tea and green, black tea and herbal, green tea and herbal, and all sorts of others. They sell tea both over the Internet and in stores all over the United States.
Teavana was started in Atlanta, Georgia in 1997, with the opening of a teahouse at Phipps Plaza. Teavana was founded by Andrew T. Mack, and his wife, who invested their life savings into the business. Their idea was inspired by a road trip, noticing the gravitation of Americans towards fine wines and coffees in the United States.
In late 2012, Starbucks stated that it would pay $620 million in cash to buy the company. Three class-action lawsuits were commenced by shareholders of Teavana concerning the Starbucks buyout; these were settled on December 14, 2012 (subject to court approval). The acquisition of Teavana by Starbucks was formally closed on December 31, 2012. On July 27, 2017, Starbucks announced it would close all 379 Teavana stores by 2018, partly due to underperformance. However, in 2017, Simon Malls sued Starbucks over Teavana closures.
The Rise & Fall of Teavana
Teavana was an American tea company created in 1997 in Atlanta, Georgia.
Starbucks acquired the Teavana tea businesses 379 stores for an estimated $620 million.
Starbucks will shutter all 379 Teavana stores located in Canada and United States by Spring 2018.
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