Starbucks to close Teavana stores

By Ovunc Kutlu

NEW YORK (AA) - Starbucks said Thursday it will close all of its Teavana stores that will affect more than 3,000 employees.

The compay said in a statement the 379 stores will be closed next year, with the majority coming in the spring.

"The approximately 3,300 partners impacted by these closures will receive opportunities to apply for positions at Starbucks stores," the statement said.

The company noted it is planning to create 240,000 new jobs around the world, and 68,000 in the U.S., in the next five years.

Starbucks bought Teavana in 2012 for $620 million.

The Seattle-based firm, however, is aiming to concentrate on China.

In a separate statement earlier Thursday, Starbucks said it would acquire the remaining 50 percent of its shares in East China JV business for $1.3 billion, dubbing it "the largest single acquisition in the company’s history.

"Starbucks will assume 100 percent ownership of approximately 1,300 Starbucks stores in Shanghai and Jiangsu and Zhejiang Provinces, building on the company’s ongoing investments in China, its fastest-growing market outside of the U.S. in terms of store count," the statement said.

Kevin Johnson, president and CEO of Starbucks, said the company aims to operate more than 5,000 stores in China by 2021.