Starbucks Ditches Teavana ‘Tea Bar’ Concept

Starbucks is finally ready to write its Teavana "tea bar" experiment off as a loss. In 2012, the chain forked over $620 million in cash for the tea line, and Howard Schultz boasted the acquisition presented "a $90 billion global market opportunity." Now the company says the stores haven't lived up to expectations, so it's time to say good bye: New York City's three Teavana locations will become plain old Starbucks by the end of April, and the one in Beverly Hills will just close.