Jump to content

Caribou Coffee: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
m Add a sentences to a lead paragraph about Caribou Coffee is Minnesota based company.
I updated the information about the recent sale of caribou and the closing of some of the stores. I also updated a date that wasn't matching the new source.
Line 24: Line 24:
Caribou Coffee founder, John Puckett, was working as a [[management consulting|management consultant]] for [[Boston]]-based firm [[Bain & Company]], helping develop ideas and strategies for other companies, when he decided he wanted to become an entrepreneur. After a trip to [[Denali National Park]] in [[Alaska]], he and his wife, Kim, decided to raise money and start a coffee company. His wife stayed with a job at [[General Motors]] while John moved to [[Minnesota]] to find the first site and put together financing.<ref name=MBJ070513>John Vomhof Jr., [http://www.bizjournals.com/twincities/news/2013/07/05/punch-pizza-puckett-leftover-qa.html Caribou founder: Knowing when to leave the corporate world and go into business for yourself], ''Minneapolis / St. Paul Business Journal'', July 5, 2013, accessed July 8, 2013.</ref>
Caribou Coffee founder, John Puckett, was working as a [[management consulting|management consultant]] for [[Boston]]-based firm [[Bain & Company]], helping develop ideas and strategies for other companies, when he decided he wanted to become an entrepreneur. After a trip to [[Denali National Park]] in [[Alaska]], he and his wife, Kim, decided to raise money and start a coffee company. His wife stayed with a job at [[General Motors]] while John moved to [[Minnesota]] to find the first site and put together financing.<ref name=MBJ070513>John Vomhof Jr., [http://www.bizjournals.com/twincities/news/2013/07/05/punch-pizza-puckett-leftover-qa.html Caribou founder: Knowing when to leave the corporate world and go into business for yourself], ''Minneapolis / St. Paul Business Journal'', July 5, 2013, accessed July 8, 2013.</ref>


The initial concept for Caribou was a five-day-a-week schedule aimed at downtown office workers, mimicking what worked in Boston. Puckett signed a lease for the first location to be in the large [[U.S. Bank Plaza (Minneapolis)|Pillsbury Center]] office building. However, soon afterward the building's landlord decided not to sign the lease, because another of the building's retail tenants had exclusive rights to selling coffee in the building and had threatened to sue them. As a result, the financing for the store fell through because it was dependent on that specific site. Puckett opted to start looking for an available location in the suburbs, and the first Caribou Coffee shop was started in [[Edina, Minnesota]], a suburb of [[Minneapolis]], in December 1992.<ref name=MBJ070513/> Following several years of mixed performance, the Pucketts sold their controlling interest in the company in 1998 for $120 million to Atlanta-based Crescent Capital, which has since changed its name to [[Arcapita]].
The initial concept for Caribou was a five-day-a-week schedule aimed at downtown office workers, mimicking what worked in Boston. Puckett signed a lease for the first location to be in the large [[U.S. Bank Plaza (Minneapolis)|Pillsbury Center]] office building. However, soon afterward the building's landlord decided not to sign the lease, because another of the building's retail tenants had exclusive rights to selling coffee in the building and had threatened to sue them. As a result, the financing for the store fell through because it was dependent on that specific site. Puckett opted to start looking for an available location in the suburbs, and the first Caribou Coffee shop was started in [[Edina, Minnesota]], a suburb of [[Minneapolis]], in December 1992.<ref name=MBJ070513/> Following several years of mixed performance, the Pucketts sold their controlling interest in the company in 2000<ref name=MBJ070513>John Vomhof Jr., [http://www.bizjournals.com/twincities/news/2013/07/05/punch-pizza-puckett-leftover-qa.html Caribou founder: Knowing when to leave the corporate world and go into business for yourself], ''Minneapolis / St. Paul Business Journal'', July 5, 2013, accessed July 12,2015.</ref> for $120 million to Atlanta-based Crescent Capital, which has since changed its name to [[Arcapita]].


Caribou Coffee is the second largest company-operated premium coffeehouse in the United States with more than 273* company owned stores and 127* domestic license locations in 18* states and 203* international franchise stores in 10* countries.<ref>http://www.cariboucoffee.com/corporate-folder/our-company/company-info</ref>
Caribou Coffee is the second largest company-operated premium coffeehouse in the United States with more than 273* company owned stores and 127* domestic license locations in 18* states and 203* international franchise stores in 10* countries.<ref>http://www.cariboucoffee.com/corporate-folder/our-company/company-info</ref>
Line 34: Line 34:
File:Caribou-coffee-logo-new.jpg|New Caribou Coffee logo, in use from March 1, 2010 through present.
File:Caribou-coffee-logo-new.jpg|New Caribou Coffee logo, in use from March 1, 2010 through present.
</gallery>
</gallery>
==Current Events==
Caribou Coffee Company was bought by JAB Group that is a German-based company in 2012 for $340 million dollars. In April of 2013 it was announced that Caribou Coffee would be closing 80 of its stores and these closing mostly affected out of state locations. The JAB Group also owns Peet’s Coffee chains, so Caribou Coffee decided to also rebrand some stores to Peet’s coffee and did with just over 80 of its locations across America. In total the company currently has 567 locations including some located in different parts of the globe. But Caribou Coffee currently maintains 242 of those stores in Minnesota.
<ref>https://www.minnpost.com/twin-cities-business/2014/11/after-national-downsizing-caribou-coffee-growing-again-minnesota </ref><ref name="After National Downsizing, Caribou Coffee Growing Again in Minnesota"Gilyard, Burl. "After National Downsizing, Caribou Coffee Growing Again in Minnesota." MINNPost. Twin Cities Business, 14 Nov. 2014. Web. 12 July 2015. >{{cite web


In May 2013, Caribou Coffee announced plans to close 80 stores in Ohio, Michigan, Pennsylvania, Washington D.C., Maryland, Virginia, Georgia, Illinois and Eastern Wisconsin, with 88 others in those locations to be converted to Peet's Coffee & Tea during 2013-2014. Caribou locations would remain open in Minnesota, North Dakota, South Dakota, Western Wisconsin, Iowa, Kansas, North Carolina, Denver, and ten international markets.<ref>[http://westendalexandria.patch.com/groups/business-news/p/shirlington-caribou-coffee-to-become-peet-s-coffee Shirlington Caribou Coffee to Become Peet’s Coffee], West End Alexandria Patch, May 7, 2013</ref><ref name="owner to buy">{{cite web
| url= http://www.bizjournals.com/chicago/news/2013/04/12/peets-caribou-owner-to-buy-former.html
| title= Peet’s, Caribou owner to buy former Sara Lee coffee business
| publisher= ''Chicago Business Journal''
| date= Apr 12, 2013
| accessdate = Apr 15, 2013
}}</ref> The closing and conversion process had been underway for a while beforehand, however, with news of closings beginning at least a month earlier.<ref>{{cite web|title=Caribou Coffee closing Ohio stores?|url=http://www.wcpo.com/dpp/news/local_news/caribou-coffee-closing-its-ohio-stores|accessdate=7 April 2013}}</ref>
}}</ref> The closing and conversion process had been underway for a while beforehand, however, with news of closings beginning at least a month earlier.<ref>{{cite web|title=Caribou Coffee closing Ohio stores?|url=http://www.wcpo.com/dpp/news/local_news/caribou-coffee-closing-its-ohio-stores|accessdate=7 April 2013}}</ref>
On September 29, 2014, Einstein Noah Restaurant Group Inc., operator of Einstein Bros. Bagels and other bagel restaurants, was bought by JAB Holdings, owner of Caribou and Peets.<ref>[http://www.chicagotribune.com/business/breaking/chi-einstein-bagels-peets-caribou-coffee-acquisition-20140929-story.html]</ref>
On September 29, 2014, Einstein Noah Restaurant Group Inc., operator of Einstein Bros. Bagels and other bagel restaurants, was also bought by JAB Holdings, owner.<ref>[http://www.chicagotribune.com/business/breaking/chi-einstein-bagels-peets-caribou-coffee-acquisition-20140929-story.html]</ref>


==Environmental and social policies==
==Environmental and social policies==

Revision as of 03:17, 13 July 2015

Caribou Coffee Company
Company typeSubsidiary
IndustryRestaurants
Retail Coffee and Tea
Retail Beverages
Founded1992
HeadquartersBrooklyn Center, Minnesota, U.S.
Key people
Mike Tattersfield, CEO
RevenueIncrease $262 million USD (2009)[1]
Increase $5.14 million USD (2009)[1]
Number of employees
6,000+ employees.[1]
ParentJoh. A. Benckiser
Websitecariboucoffee.com

Caribou Coffee Company is a specialty coffee and espresso retailer, the second largest in the United States[3] after Starbucks. Caribou Coffee is a Minnesota based company that specializes in handcrafted espresso beverages, roasters of their own blends of coffee, tea, sandwiches and bakery goods in more than 273 company-owned coffeehouses in 18 states and the District of Columbia, as well as 203 franchise locations in 10 countries.[4]

History

The original location, "44th and France" or Store 101, is located in Edina, Minnesota.[5]

Caribou Coffee founder, John Puckett, was working as a management consultant for Boston-based firm Bain & Company, helping develop ideas and strategies for other companies, when he decided he wanted to become an entrepreneur. After a trip to Denali National Park in Alaska, he and his wife, Kim, decided to raise money and start a coffee company. His wife stayed with a job at General Motors while John moved to Minnesota to find the first site and put together financing.[6]

The initial concept for Caribou was a five-day-a-week schedule aimed at downtown office workers, mimicking what worked in Boston. Puckett signed a lease for the first location to be in the large Pillsbury Center office building. However, soon afterward the building's landlord decided not to sign the lease, because another of the building's retail tenants had exclusive rights to selling coffee in the building and had threatened to sue them. As a result, the financing for the store fell through because it was dependent on that specific site. Puckett opted to start looking for an available location in the suburbs, and the first Caribou Coffee shop was started in Edina, Minnesota, a suburb of Minneapolis, in December 1992.[6] Following several years of mixed performance, the Pucketts sold their controlling interest in the company in 2000[6] for $120 million to Atlanta-based Crescent Capital, which has since changed its name to Arcapita.

Caribou Coffee is the second largest company-operated premium coffeehouse in the United States with more than 273* company owned stores and 127* domestic license locations in 18* states and 203* international franchise stores in 10* countries.[7] Arcapita was Caribou Coffee's majority shareholder. In 2002, Yusuf al-Qaradawi's involvement[8] with the bank led to a protest of Caribou Coffee. That same year al-Qaradawi stepped down as chairman of the bank's Sharia board.[9]

On February 28, 2010, Caribou announced a corporate-wide re-branding, and began using their new "coffee bean caribou" logo officially on March 1, 2010.[10]

Current Events

Caribou Coffee Company was bought by JAB Group that is a German-based company in 2012 for $340 million dollars. In April of 2013 it was announced that Caribou Coffee would be closing 80 of its stores and these closing mostly affected out of state locations. The JAB Group also owns Peet’s Coffee chains, so Caribou Coffee decided to also rebrand some stores to Peet’s coffee and did with just over 80 of its locations across America. In total the company currently has 567 locations including some located in different parts of the globe. But Caribou Coffee currently maintains 242 of those stores in Minnesota. [11][12] The closing and conversion process had been underway for a while beforehand, however, with news of closings beginning at least a month earlier.[13] On September 29, 2014, Einstein Noah Restaurant Group Inc., operator of Einstein Bros. Bagels and other bagel restaurants, was also bought by JAB Holdings, owner.[14]

Environmental and social policies

The Caribou Coffee uses 100% of coffee and espresso beans from Rainforest Alliance(RA) certified farms. The Caribou Coffee company work directly with these farmer. Rainforest Alliance(RA) farm focuses on wildlife protection, water and soil conservation, chemical reduction and fair wages for farmers. The Rainforest Alliance(RA) farm are located in North and South America, Africa and South East Asia.[15]

Social Responsibilities

Caribou Coffee is actively assisting Susan G. Komen® in raising awareness about breast cancer and donations to help breast cancer patients and survivors in receiving the proper treatment and support needed to overcome the road ahead of them. With the help of Caribou Coffee there was an 11% increase for the Susan G. Komen Race for the Cure® exceeding the donation goal from the year before (Public Relations Society of America). Amy Erickson, a former Caribou Coffee employee, is the reason for the interest in helping and supporting breast cancer patients. Amy was unable to beat the battle of breast cancer so in honor of her Caribou Coffee created Amy’s Blend with a portion of the proceeds going to Susan G. Komen®, Caribou Coffee wants to get Amy’s story out.[16]

See also

References

  1. ^ a b c Company Information
  2. ^ "Company Profile for Caribou Coffee Co Inc (CBOU)". Retrieved 2008-10-22.
  3. ^ Caribou Coffee: homepage
  4. ^ [1]
  5. ^ Caribou Coffee K-Cups - Single Cup Boxes
  6. ^ a b c John Vomhof Jr., Caribou founder: Knowing when to leave the corporate world and go into business for yourself, Minneapolis / St. Paul Business Journal, July 5, 2013, accessed July 8, 2013. Cite error: The named reference "MBJ070513" was defined multiple times with different content (see the help page).
  7. ^ http://www.cariboucoffee.com/corporate-folder/our-company/company-info
  8. ^ Annual Report 2000
  9. ^ Sheik Yusuf al-Qaradawi: Theologian of Terror - Affiliations, Anti-Defamation League, August 1, 2005
  10. ^ Minneapolis StarTribune | Business | February 28, 2010
  11. ^ https://www.minnpost.com/twin-cities-business/2014/11/after-national-downsizing-caribou-coffee-growing-again-minnesota
  12. ^ {{cite web}}: Empty citation (help) Cite error: The <ref> tag has too many names (see the help page).
  13. ^ "Caribou Coffee closing Ohio stores?". Retrieved 7 April 2013.
  14. ^ [2]
  15. ^ "On The Dark Side". E: The Environmental Magazine. 9 July 2015.
  16. ^ "PRSA's Six Weeks of Giving". Public Relations Society of America. PRSA.
Wikimedia Commons has media related to Caribou Coffee.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Caribou_Coffee&oldid=671196750"