Starbucks Forced to Keep Teavana stores open
A judge is forcing Starbucks to keep 77 Teavana stores open in a ruling that has chilling implications for the retail industry said The New York Post reports. Starbucks said in July that it planned to close all 379 Teavana stores, which are primarily in shopping malls, because of operating losses and declines in foot traffic. Simon Property Group, which operates malls around the country, sued Starbucks to keep it locked into its leases for the 77 Teavana stores in its malls. He argued that the closure would trigger additional stores to close in its malls at a time when shopping centers are under pressure from falling foot traffic and widespread retail bankruptcies. The mall owner said it would hit harder financially by the closures than Starbucks would be if it were forced to keep its stores open until their leases expired. The judge agreed, so Starbucks will have to keep running the 77 Teavana stores. As mall operators become desperate, many more retailers could find themselves in cou