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The Chicago tribune reports that Caribou Coffee has decided to "close 80 locations nationwide Sunday and turn 88 others into Peet's (Coffee & Tea stores) over the next 12 to 18 months."

According to the piece, "Caribou didn't provide a list of stores affected by the closings or conversions. But most downtown Chicago Caribou locations will remain open and be rebranded Peet's stores by 2015 ... Following the closings and conversions, Caribou will have (486) stores in Minnesota, North Dakota, South Dakota, western Wisconsin, Iowa, Kansas, North Carolina, Denver and 10 international markets, the company said. Peet's, which has about 200 cafes, has a significant presence in larger retail stores, including Jewel, Target and Dominick's."

Caribou and Peet's are both owned by the german investment firm Joh. A. Benckiser. The move is said to provide both brands with better positioning for long-term growth.
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