Starbucks to close down all Teavana locations, impacting 3300 jobs

Starbucks to own 100 percent of China stores after buying out partners

There are 26,736 Starbucks locations in 75 countries.

A cup of coffee rests on a counter at a Starbucks coffeehouse in Austin, Texas, US.

In April, the company announced it was reviewing its options for the struggling chain. In the US, sales rose 5 percent at established locations.

The former joint-venture partners have had a "strong friendship" with Starbucks for nearly 20 years, since they opened a first store in Taipei before extending the business to east China, said Alex Lo, chairman of Uni-President Enterprises, the biggest food and beverage manufacturer in Taiwan.

The two companies last week sold a combined 50 percent stake in President Starbucks Coffee Shanghai Corp (上海統一星巴克) to Starbucks Corp as the US coffee giant brings its operations in China back in-house in its biggest acquisition.

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The financial report, the first under Johnson's guidance, landed just hours after Starbucks said it would buy the remaining 50 per cent stake of its East China business from its joint venture partners for about $1.3 billion, in its biggest ever acquisition.

For the quarter, Starbucks reported earnings of $691.6 million, or 47 cents per share. The coffee giant said last quarter that many of its Teavana stores were a drag on results.

Starbucks announced record quarterly earnings for the most recent quarter. In contrast, the 7,183 cafes from the China andAsia Pacific region posted $223.8 million. "Full ownership will give us the opportunity to fully leverage our robust business infrastructure to deliver an elevated coffee, in-store third place experience and digital innovation to our customers, and further strengthen the career development opportunities for our people", said Belinda Wong, ceo, Starbucks China.

Most Teavana stores will close by Spring 2018, Starbucks said.

"This is the beginning of yet another exciting new chapter for Starbucks in China". It will continue selling Teavana branded products.

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