According to the Minneapolis/St. Paul Business JournalCaribou Coffee Co. Inc. will close 80 stores nationwide and rebrand another 88 under the banner of its corporate cousin, Peet’s Coffee & Tea, in a restructuring that will cut the chain’s footprint by more than 25 percent.

News of the closings filtered out throughout the weekend, as employees posted signs on shop windows and shared reports of the widespread shutdowns on social media sites, but the Brooklyn Center-based company remained silent until mid-Monday, when officials issued a statement confirming the news. Read More