Starbucks acquired the mall-based tea chain Teavana in 2012, in the hopes of doing for loose-leaf tea what the company had done for coffee. (Also, to help bolster their presence in China.) That did not occur. Last quarter, Starbucks said the Teavana mall stores were dragging down sales, so they are closing Teavana.
Starbucks is closing all 379 of its Teavana stores by 2018, citing “underperformance”
