Company says it is evaluating store portfolio
By Toi Creel
Grabbed a cup from a Coffee Bean & Tea Leaf franchise recently? Well maybe not lately as locations of the coffee shop have been closing across the Westside.
On March 16, the franchise announced a temporary closure of some stores and reduced hours for others due to coronavirus concerns. Among Coffee Bean locations to close include franchises on Beverly Drive in Beverly Hills, Santa Monica Boulevard and Beverly Glen Boulevard and 9th street and Wilshire Boulevard in Santa Monica and Federal Avenue and Wilshire Boulevard. Currently, there is a Coffee Bean on the Third Street Promenade that remains open.
According to a recent Los Angeles Times article, Jollibee Foods Corp., a restaurant company out of the Philippines, “spent $350 million to buy the money-losing Coffee Bean & Tea Leaf.”
In statement, Coffee Bean & Tea Leaf told the Santa Monica Mirror that is is evaluating its store portfolio.
“As we look to the future of The Coffee Bean & Tea Leaf, to help ensure our overall financial health and continue to provide the best possible experience our Guests have come to appreciate, we have made the difficult decision to close a number of our company-owned store locations. Over the next three months, The Coffee Bean & Tea Leaf will continue to evaluate our store portfolio in California and Arizona and additional stores may be closed,” reads the statement.