Caribou Coffee no longer to open shops inside J.C. Penney
Minneapolis -- A Friday report by Bloomberg said that coffee purveyor Caribou Coffee has lost interest in opening shops inside J.C. Penney Co. stores.
The revelation comes just six months after Penney CEO Ron Johnson announced Caribou Coffee as a potential partner.
Caribou CEO Mike Tattersfield said in a Friday emailed statement that the company “does not have plans to move forward with a partnership at this time.” Tattersfield has not elaborated on the reasons for the change of heart.
Caribou was acquired earlier this year by Joh. A. Benckiser Group, and the Penney in-store cafes were expected to help hasten the company’s expansion.