Truemors
is reporting from
Member
NP Rank:
NP Rank:
Starbucks plans to close 600 U.S. stores, fire 12,000
Share: 
by JeffHuang | July 1, 2008 at 01:31 pm
459 views | 4 Recommendations | 3 comments
Photos
uploaded by emilytakesphotographs
I am quite surprised by this. Just yesterday while I was driving back from dinner, I saw two starbucks that I have not noticed before. In Vancouver it seems like Starbucks is more prevalent than ever, but I guess this story is referring to the U.S. But wow, 600 stores. Maybe this is also attributed to the Latte Prices hitting record high couple weeks ago.
Starbucks Corp., the world's largest chain of coffee shops, plans to close 600 "underperforming" U.S. stores and eliminate as many as 12,000 jobs as it tries to reverse declining customer visits.
The job reductions, which amount to about 7 percent of the company's workforce worldwide, will include full- and part-time employees at the chain's U.S. stores, Seattle-based Starbucks said today in a regulatory filing.
Starbucks, headed by Howard Schultz since January, has slowed its expansion in the U.S. after doubling the number of stores in the past four years. The company said today it plans to open 200 stores through September 2009.
Cash-strapped consumers facing record gasoline prices are pulling back on so-called affordable luxuries, including gourmet coffee, causing Starbucks' sales to slow and earnings to fall in the second quarter.
What is NowPublic?
NowPublic lets people work together to cover news events around the world.
Crowd Power
VLOGZ
Inland Empire, California, United States
katnhwi
Minoo, Osaka, Japandmamicus3
New York, New York, United States
klee
Hong KongEmperor Tomato Ketchup
RussiaAchimh
Dortmund, GermanyJustin Brown.
Fallston, Maryland, United States● 3aBer SbeeL ღ
Saudi Arabianochuckingaround
New York, New York, United Stateskidamnesiac
Cynthiana, Kentucky, United Statesemilytakesphotographs
Beverly Hills, California, United Stateslamlamlam80-nowpublic
Hong Kongdmatthews777
Stockton, California, United Stateskodak_an
Philippines![Alan [0]](http://media.nowpublic.net/files/mpics_derivatives/small_b1ab556f23616ab0d03e51ada47480eb.jpg)
Alan [0]
Chihuahua, MexicoDaniel Doherty
Akron, Ohio, United States
Most RecentMost Recommended Comments (3)
at 15:12 on July 1st, 2008
JeffHuang, I like this story. It's good stuff.
at 23:53 on July 1st, 2008
Here in Makati, Philippines, Starbucks is sprouting like mushrooms. So whatever their plans of closing shops in the U.S. are, I don't think we'll start missing their coffee here anytime soon. People here waste a good deal of money just hangin' out for hours on end doin' anything from short business meetings, to just waiting for their spouses so they can both share a ride home. As with the continuing rise of fuel prices everywhere, I'm sure also that their stores will rise up to the occassion. Although we see a tremendous increase of fuel prices almost every week, most of us here seem not to be generally affected... that's 'coz most of us prefer not to have cars to begin with. We'd rather park our sensitive arses inside cabs 'coz it's much easier to go around that way. So no monthly bills to pay off an extravagant car. There you go!
kodak_an has contributed a photo to this story.
at 21:56 on July 18th, 2008
JeffHuang, I like this story. It's good stuff.