In a statement, the company, which has its headquarters in Minneapolis, said it had "re-visited" its business strategy and made market by market decisions to "best position us for long-term growth."
Caribou said it would convert 88 locations to Peet's Coffee & Tea outlets.
CNN reported Tuesday the changes will make it hard to find a Caribou outlet in Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois, eastern Wisconsin and Washington.
Caribou, which was taken private by the Joh.A.Benckiser Group in 2012, will still operate in 468 locations.
The Benckiser Group also owns Peet's, CNN said.