New York -- Caribou Coffee will close some 80 stores nationwide and turn 88 other locations into Peet's over the next 12 to 18 months, the Chicago Tribune reported.
Caribou, which is based in Minneapolis, went private this year in a $340 million deal with German investment firm Joh. A. Benckiser Group (JAB), which also owns Peet’s.
"Over the past few months, we at Caribou have revisited our business strategy, including closely evaluating our performance by market to make decisions that best position us for long-term growth," Caribou president Mike Tattersfield said in a statement. "While the decisions we've made have been difficult for our team in Minneapolis, as well as our team members across the country and our guests and fans everywhere, we are working to make this transition as seamless as possible for the Caribou community."
Caribou had 610 locations, mostly in the Midwest and Great Plains, at the end of 2012. That number will be trimmed to 486 by 2015, the report said.