Starbucks (SBUX) Competitor Will Close Doors in Chicago

Caribou Coffee is exiting the market in Chicago, according to reports today in the Chicago Tribune. Caribou is based in Minneapolis and is a competitor of Starbucks Coffee (Nasdaq: SBUX). It currently has 18 Chicago area stores and plans to close most of them, although some will be converted to Peet's Coffee & Tea. The closures will take place on Sunday.

In a statement, Caribou President Mike Tattersfield said, "Over the past few months, we at Caribou have revisited our business strategy, including closely evaluating our performance by market to mark decisions that best position us for long-term growth. . . . we are working to make this transition as seamless as possible for the Caribou community."

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