Peet's shutters all Ohio stores, cuts 70 jobs

Peet's Coffee & Tea abruptly announced that it is closing all six of the chain's remaining Ohio stores, as well as five other Midwest stores. In all, the coffee chain is cutting 70 jobs and has already deleted Ohio from the list of locations on the company's website, reported Cleveland.com.

Employees at the Tower City Center location were told on Saturday that the store was closing for good on Monday.

Peet's also closed two stores in Michigan and three stores in Pennsylvania, saying that they were not performing up to sales expectations and did not have a promising future. A spokesperson did say that the company was experiencing growth in Chicago and Washington, D.C.

Peet's bagged coffees and K-Cups will continue to be sold at local grocers, mass retailers and on the company's website in Ohio, Michigan and Pennsylvania.

In spring 2013, Caribou Coffee announced the closure of 80 underperforming stores and the rebranding of another 88 outlets to Peet's. Soon after, Peet's announced a major expansion in the greater Cleveland area. Then, in August, seven of those stores closed.

"We recognize this is difficult timing, and we are providing our employees at least six weeks of pay and benefits support that will take them through the end of January. This means we're paying them at their normal hourly rate through the end of this year plus at least one month of severance support. For the majority of these employees who worked both at Peet's and Caribou, they will receive additional severance based on their collective tenure with both companies," said a company statement.

For more:
-See this Cleveland.com article
-See this Peet's press release

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