This might not come as a shocker for many of us, since a cup of coffee there costs as much as a gallon of gas.. however it is painful when you are laying off 12,000 workers.. closing 600 stores.. 70% of them under 600 days old meaning they still smell new inside…
SEATTLE — 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.
Did we a read that right? 70% of the stores were opened in the past 2 years? What a terrible waste of resources. Considering Starbucks is evidently where the internet was invented… (heh)