Caribou Coffee will close 80 underperforming stores and rebrand 88 other Caribou outlets to Peet's Coffee & Tea, just five months after the company was purchased by a German company for $340 million.
Caribou didn't name which stores it would be closing Sunday. Caribou stores in Ohio, Michigan, Pennsylvania, Maryland, Georgia, eastern Wisconsin and Washington, D.C., will be converted to Peet's.
Avon cuts jobs, restructures
Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe. The company said Monday that the job cuts, which amount to about 1 percent of Avon's 39,100 employees, will occur across all regions and segments. It is part of a turnaround plan under CEO Sheri McCoy.
White confirmed as SEC chief
The U.S. Senate has confirmed Mary Jo White's nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street. White was approved Monday by a Senate voice vote. White served as U.S. attorney in Manhattan from 1993 through 2002.