Caribou Coffee, who not long ago was purchased by Joh A. Benckiser Group for $340 million, has just canceled its plans with JCP.
Michael Tattersfield, CEO of Caribou Coffee, has recently stated that the coffee chain “does not have plans to move forward with the partnership” with JCP stores. He has not mentioned why yet.
Ron Johnson, CEO of JCP had planned on reinventing shopper’s experience in his stores by providing food and beverages for customer while they shop, much like the joint partnership with Starbucks and Target. JCP had been moving forward with plans by having a Caribou shop as part of a prototype in one of its stores, and was already planning for one in a store in Rochester, NY.
Speculation on Caribou’s sudden pull out of the deal is that it has to do with the new German ownership, and the possibility that the CEO of JCP may soon be no longer with the company.