Starbucks Settles with Simon

Starbucks (Seattle) has settled with Simon Property Group (Indianapolis) regarding its move to close all Teavana stores and, consequently, terminate certain leases before their expiration.

Simon took Starbucks to court over 77 such stores, and an Indiana judge issued a temporary order barring any stores from closing. However, when the state’s Supreme Court agreed to hear Starbucks’ appeal, the two sides were able to reach a compromise. While details of that compromise are not available, Starbucks has begun closing some of the remaining Teavana stores, according to Chain Store Age.