Caribou Coffee to close 80 stores nationwide

Caribou Coffee lovers may need to look a bit further for their caffeine fix.

The Minneapolis company said Monday that it is closing 80 underperforming stores and converting another 88 stores to Peet's Coffee & Tea sites.

Caribou says it is making the changes to better position the coffee company for long-term growth. The company says the store closures will occur in April but did not disclose where. The conversions will occur over the next 12 to 18 months in nine states.

Caribou was taken private last year by a German investment firm that also holds a majority stake in Peet's.