Starbucks closing 600 US stores, most opened in the last 2 years
SEATTLE (AP) -- Starbucks Corp. said Tuesday it will close 600 company-operated stores in the next year, up dramatically from its previous plan for 100 closures, a sign the coffee shop operator continues to struggle with the faltering U.S. economy and its own rapid expansion.
Seventy percent of the stores slated for closure had opened after the start of 2006, the company said in a statement.
To put it another way, Starbucks is closing 19 percent of all U.S. company-operated stores that opened in the last two years, Chief Financial Officer Pete Bocian said during a conference call.
About 12,000 workers, or 7 percent of Starbucks' global work force, will be affected by the closings, which are expected to take place between late July and the middle of 2009, spokeswoman Valerie O'Neil said.
Rest of the Story Here:
http://biz.yahoo.com/ap/080701/starbucks_closings.html
I guess it's time to head to McDonald's for Iced Coffee for $1.89 (Which i think tastes better than sbux)
SEATTLE (AP) -- Starbucks Corp. said Tuesday it will close 600 company-operated stores in the next year, up dramatically from its previous plan for 100 closures, a sign the coffee shop operator continues to struggle with the faltering U.S. economy and its own rapid expansion.
Seventy percent of the stores slated for closure had opened after the start of 2006, the company said in a statement.
To put it another way, Starbucks is closing 19 percent of all U.S. company-operated stores that opened in the last two years, Chief Financial Officer Pete Bocian said during a conference call.
About 12,000 workers, or 7 percent of Starbucks' global work force, will be affected by the closings, which are expected to take place between late July and the middle of 2009, spokeswoman Valerie O'Neil said.
Rest of the Story Here:
http://biz.yahoo.com/ap/080701/starbucks_closings.html
I guess it's time to head to McDonald's for Iced Coffee for $1.89 (Which i think tastes better than sbux)
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