News

Caribou Coffee to cut ties with JCP

March 18, 2013

JC Penney suffered another blow last week with the announcement that Caribou Coffee will no longer open shops inside of the retailer's revamped stores. According to Bloomberg, the news comes just six months after JPC's CEO Ron Johnson cited the coffee company as a potential partner.

Caribou Chief Executive Officer Mike Tattersfield made the announcement via email, but declined to give a reason for the split, the article reported. JC Penney posted an annual sales decline of 25 percent to $13 billion earlier this month, as Johnson continues to struggle to transform the department store into a boutique-style, mall-within-a-mall shopping destination.

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