Starbucks Shutters Teavana Chain as Tea Business Tanks

Starbucks failed to read the tea leaves.

The coffee giant has finally realized what many already knew: Americans don’t like tea all that much. The company paid about $620 million for Teavana in late 2012, with aspirations to “jumpstart the next wave of growth in this dynamic category.”

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Starbucks brought the Teavana brand into Starbucks locations, held on to Teavana’s own retail stores, and even opened a few high-end Teavana Fine Teas Tea Bars.

But the business still wasn’t doing well enough for Starbucks to keep it going.

Read more at AdAge: http://adage.com/article/cmo-strategy/starbucks-shutters-teavana-chain-tea-business-hot/309943/

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