Starbucks to close 600 stores

by Staff
Share This:

SEATTLE — Starbucks has announced it is closing about 600 underperforming company-operated stores in the United States, including the 100 stores it previously announced it would close. The company has plans to open less than 200 new U.S. company-operated stores in fiscal 2009.

"For more than a year now, we have seen the adverse impact that a slower economy and dramatic decline in consumer confidence have had on our U.S. business," said Howard Schultz, chairman, president and chief executive officer. "This has resulted in a drop in comparable store sales due to a reduction in customer traffic. The pressure on store unit economics has required us to take a serious look at our store portfolio. As a result, we must be more disciplined than ever in examining and evaluating our business."

Most of the store closings are scheduled for the remainder of 2008 and first half of 2009.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.