Caribou Coffee

Caribou Coffee Company is an American coffee company and coffeehouse chain. Caribou Coffee was founded in Edina, Minnesota, in 1992. As of May 2015, the company operates 603[2] locations worldwide.

Caribou Coffee Company
TypeSubsidiary
IndustryRetail Coffee and Tea
FoundedDecember 14, 1992 (1992-12-14)
Edina, Minnesota, United States
HeadquartersBrooklyn Center, Minnesota, U.S.,
[1]
Key people
John Butcher, President & CEO
Revenue$262 million (2009)
Number of employees
7,000+[2]
ParentJAB Holding Company
Websitewww.cariboucoffee.com

Background
The original location, 44th and France or Store 101, is located in Edina, Minnesota.[3]

Caribou Coffee founder, John Puckett, was working as a management consultant for Boston-based firm Bain & Company, helping develop ideas and strategies for other companies, when he decided he wanted to become an entrepreneur. After a trip to Denali National Park in Alaska, he and his wife, Kim, decided to raise money and start a coffee company. His wife stayed with a job at General Motors while John moved to Minnesota to find the first site and put together financing.[4][5][6]

The initial concept for Caribou was a five-day-a-week schedule aimed at downtown office workers, mimicking what worked in Boston. Puckett signed a lease for the first location to be in the large Pillsbury Center office building. However, soon afterward the building's landlord decided not to sign the lease, because another of the building's retail tenants had exclusive rights to selling coffee in the building and had threatened to sue them. As a result, the financing for the store fell through because it was dependent on that specific site. Puckett opted to start looking for an available location in the suburbs, and the first Caribou Coffee shop was started in Edina, Minnesota, a suburb of Minneapolis, in December 1992.[4]

In 2006 Arcapita (formerly known as First Islamic Investment Bank) was Caribou Coffee's majority shareholder.[7] In 2002, Yusuf al-Qaradawi's involvement[8] with the bank led to a protest of Caribou Coffee.[9][10] That same year al-Qaradawi stepped down as chairman of the bank's Sharia Board.[11]

As of 2009, Caribou employed more than 6,000 people. In December 2012, it was taken private in a $340 million deal by German equity company JAB Holding Company. [12][13]

In May 2013, Caribou Coffee announced plans to close 80 stores in Ohio, Michigan, Pennsylvania, Washington D.C., Maryland, Virginia, Georgia, Illinois and Eastern Wisconsin, with 88 others in those locations to be converted to Peet's Coffee & Tea during 2013–2014. Caribou locations would remain open in California, Colorado, Georgia, Iowa, Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, North Carolina, North Dakota, Nebraska, Ohio, Oklahoma, South Dakota, Virginia, Wisconsin, Wyoming, and ten international markets.[14][15]

Data breach

On December 20, 2018, the company notified its customers of a potential data breach that they discovered in late November of that same year. The breach also affected other companies owned by JAB Holding Company, namely Bruegger's and Coffee and Bagels,[16] and included the release of credit card numbers and CVV codes.[17]

See also

References
  1. "Company Profile for Caribou Coffee Co Inc (CBOU)". Retrieved 2008-10-22.
  2. "Company Information". cariboucoffee.com. Archived from the original on 2008-03-02. Retrieved 2008-03-19.
  3. "Caribou Coffee K-Cups - Single Cup Boxes". kenozacoffee.com. Archived from the original on 2008-12-25.
  4. John Vomhof Jr., Caribou founder: Knowing when to leave the corporate world and go into business for yourself, Minneapolis / St. Paul Business Journal, July 5, 2013, accessed July 8, 2013.
  5. Chamis, Eleni (April 3, 2000). "A new cup o' joe". Retrieved December 7, 2015.
  6. Lambrecht, Claire (November 26, 2012). "Caribou Coffee pioneer swaps espresso for pizza". Retrieved December 7, 2015.
  7. Caribou Coffee's majority stakeholder Arcapita's website displaying all US investments including Tensar, Cypress
  8. Annual Report 2000 Archived October 17, 2006, at the Wayback Machine
  9. Islamic bank is majority owner of the Caribou Coffee chain. Snopes reports on startup problems and funding sources.
  10. Will Caribou's Shari'ah Affect Shares?. Communications, Southland Log Homes, Church's Chicken, Loehmann's, Cirrus Design, and many others.
  11. Sheik Yusuf al-Qaradawi: Theologian of Terror - Affiliations Archived 2006-10-16 at the Wayback Machine, Anti-Defamation League, August 1, 2005
  12. "Coffee meets bagels: Caribou Coffee to open inside Einstein Bros. Bagels". 19 July 2018.
  13. Kavanagh, Jim. "Caribou Coffee to close or rebrand 168 stores". CNN. Retrieved 2020-04-08.
  14. Shirlington Caribou Coffee to Become Peet's Coffee, West End Alexandria Patch, May 7, 2013
  15. "Peet's, Caribou owner to buy former Sara Lee coffee business". Chicago Business Journal. Apr 12, 2013. Retrieved Apr 15, 2013.
  16. "Caribou, Bruegger's notify customers of possible data breach". KARE 11. Retrieved 21 December 2018.
  17. "Caribou Coffee, Bruegger's Bagels say data breach exposed credit card info". Twin Cities Pioneer Press. Retrieved 21 December 2018.
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