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Teavana closing at Lehigh Valley Mall, all 378 other locations

Teavana closing at Lehigh Valley Mall, all 378 other locations

A press release said the company tried to boost Teavana's sluggish sales "through creative merchandising and new store designs", but expected the "underperformance" to continue.

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

Starbucks' U.S. business - already suffering from heightened competition from meal kit sellers and convenience stores - has seen membership growth slow down due to changes made in its loyalty rewards program previous year, analysts said.

Starbucks also reported global sales growth of 4 percent at established locations, fueled by higher average spending per visit.

Among its 379 stores, Teavana has several locations throughout North Texas, including one in Plano's Shops at Willow Bend and another in Frisco's Stonebriar Centre. In January, Starbucks said it planned to convert its three New York City Teavana locations into Starbucks stores.

Competition has intensified in the US restaurant industry, making it challenging for chains to get customers to visit their stores more often. "Slowing growth is suggestive of maturation, interesting as Starbucks estimates it has slightly over 13 million My Starbucks Rewards members out of approximately 75 million available customers".

Oil prices rally on reduced production
In the prior week, USA oil stockpiles dropped sharply but production rose to the highest level since late July 2015. September crude rose 56 cents, or 1.2%, to $48.45 a barrel on the New York Mercantile Exchange.

IN unemployment falls to 3 percent, sixth lowest in country
The lowest rates were in Del Mar, 0.4 percent; Coronado, 2.5 percent; and Poway, 2.8 percent. Job losses were experienced in Educational & Health Services (-100) and Construction (-500).

Legendary Pokémon Finally Coming to 'Pokémon GO': Watch The Trailer
However, the legendaries do have unique moves that will make fighting them a lot different than fighting in a Tier 4 Raid Battle. Today, Niantic has announced the possibility for players to capture Legendary Pokemon as of July 22, in just a few days.

At the time, Starbucks was trying to seize on what it viewed to be an emerging tea market.

Most Teavana stores will close by spring 2018.

The stores had been "strategically underperforming", Starbucks' president and CEO Kevin Johnson said during an earnings call Thursday. Stifel downgraded Starbucks to hold from buy on the fourth-quarter guidance cut, which suggests slowing global and US same-store sales growth with both retail and restaurant pressures to blame.

Starbucks Corporation shares fell $3.85 (-6.47%) in premarket trading Friday.

Starbucks expects to sell over $1.6 billion of Teavana-branded handcrafted beverages through Starbucks stores around the world this year.

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