Caribou Coffee
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| Type | Subsidiary |
|---|---|
| Industry | Restaurants Retail Coffee and Tea Retail Beverages |
| Founded | 1992 |
| Headquarters | Brooklyn Center, Minnesota, U.S. |
| Key people | Mike Tattersfield, CEO |
| Revenue |  $262 million USD (2009)[1] |
| Net income | $5.14 million USD (2009)[1] |
| Employees | 6,000+ employees.[1] |
| Website | cariboucoffee.com |
Caribou Coffee Company is a specialty coffee and espresso retailer, the second largest in the United States[2] after Starbucks. Caribou sells coffee, tea, and bakery goods in 415 company-owned coffeehouses in 40 states and the District of Columbia, as well as 126 franchise locations worldwide.[3]
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History [edit]
In 1990, on a trip to Denali National Park in Alaska, Caribou Coffee was imagined by newlyweds John and Kim Puckett. The couple raised money to start the first Caribou Coffee shop in Edina, Minnesota, a suburb of Minneapolis, in 1992. 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.
Since opening, the chain has expanded to 415 locations in 16 states and the District of Columbia,[5] making it the second-largest operator of non-franchised coffeehouses in the United States, after Starbucks Corporation. This includes 24 licensed locations in the U.S. and two overseas markets. Caribou maintains its headquarters and coffee-roasting facility in the Minneapolis metropolitan area.
Arcapita was Caribou Coffee's majority shareholder. In 2002, Yusuf al-Qaradawi's involvement[6] 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.[7] In 2005, Arcapita completed an IPO of Caribou. On September 28, 2005, Caribou Coffee became a publicly traded company. In 2011, Arcapita sold their shares of Caribou Coffee.
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.[8]
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Original Caribou Coffee logo, in use from 1992 through February 28, 2010.
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New Caribou Coffee logo, in use from March 1, 2010 through present.
Partnerships [edit]
Caribou is in a partnership with the Rainforest Alliance. Caribou is planning to offer only coffees that are composed of 100% Rainforest Alliance certified beans by the end of 2011.[9]
Sale [edit]
In 2012, Caribou Coffee's announced its acquisition by the German company Joh. A. Benckiser for $340 million. Benckiser is a holding company which is a part holder of the consumer products company Reckitt Benckiser.
Store closings [edit]
On April 5, 2013, Caribou Coffee began the process of closing stores,[10] stating that they intended to stay open only in Colorado, Iowa, Kansas, Minnesota, North Carolina, North Dakota, South Dakota, and Wisconsin.[11] Store managers were notified of the closings via a conference call. Over 1,000 employees were given less than 9 days notice that their stores closing and they were losing their jobs. Eighty-eight stores will be converted to Peet's Coffee & Tea during 2013-2014.[12]
See also [edit]
References [edit]
- ^ a b c Company Information
- ^ Caribou Coffee: homepage
- ^ Caribou Coffee: Our Locations
- ^ Caribou Coffee K-Cups - Single Cup Boxes
- ^ Caribou Coffee | Investors | Company Overview
- ^ Annual Report 2000
- ^ Sheik Yusuf al-Qaradawi: Theologian of Terror - Affiliations, Anti-Defamation League, August 1, 2005
- ^ Minneapolis StarTribune | Business | February 28, 2010
- ^ Caribou Coffee | About Our Coffee | Responsible Sourcing
- ^ "Caribou Coffee closing Ohio stores?". Retrieved 7 April 2013.
- ^ "facebook post". Retrieved 7 April 2013.
- ^ "Peet’s, Caribou owner to buy former Sara Lee coffee business". Chicago Business Journal. Apr 12, 2013. Retrieved Apr 15, 2013.
External links [edit]
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Wikimedia Commons has media related to: Caribou Coffee |
- Official site
- Islamic bank is majority owner of the Caribou Coffee chain. Snopes reports on startup problems and funding sources.
- Will Caribou's Shari'ah Affect Shares?.
- Caribou Coffee's majority stakeholder Arcapita's website displaying all US investments including Tensar, Cypress Communications, Southland Log Homes, Church's Chicken, Loehmann's, Cirrus Design, and many others.
- Rainforest Alliance Caribou Coffee Company Takes a Leadership Role in Backing Sustainable Coffee Growing Practices
- Caribou Coffee Tops Consumer Reports' Latest Ratings
