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JD The Jazz Doctor


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Retreating from World Domination....
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Starbucks to close 600 stores in the U.S.

Company greatly increases plans for store closures amid weak economy


Starbucks Corp. said Tuesday that it had drastically increased the number of stores it plans to close and could eliminate as many as 12,000 full- and part-time positions as a result.

The company said it now plans to close 600 company-operated stores in the United States, up from its previous plans to close 100 stores. The company also said it now plans to open fewer than 200 stores in its coming fiscal year, which begins Sept. 29.

In a filing with the Securities and Exchange Commission, the company said the job cuts represent about 7 percent of Starbucks' global workforce. Still, Starbucks said it expects many workers to find jobs in nearby stores.


The Seattle-based gourmet coffee retailer said the company used several criteria in deciding which stores to close, including whether they were profitable or expected to become profitable in the near future. In a statement, it added that consideration was given to the impact of current and anticipated economic trends.

Starbucks, known for sometimes going so far as to open stores across the street from one another, has recently acknowledged that it may have lost some of its luster during a long period of rapid store openings and expansion into everything from breakfast sandwiches to movie promotions. The company also has been feeling the pinch from a down economy, which has made $4 coffee drinks less palatable for many Americans.

  More on this story
  Vote: How often do you go to Starbucks?
Discuss on Newsvine: Company in trouble?

Starbucks said that it expects pre-tax charges of between $328 million and $348 million related to the store closings. But because of tax benefits, the company said it expects to see total cash outflow of about $100 million as a result.

The charges will include about $8 million in severance charges.

There are currently more than 16,000 Starbucks stores worldwide.

 



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Jeremy Riggs


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Control the coffee drinker... Control the wooooooooooooooooold!

Buwah ha ha ha ha ha!

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darleneapd


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I don't like Starbucks..not one bit.. bring on the Dunkin Donuts!

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confuzzed


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I don't drink coffee. But if I did, I don't think I could pay $6 for a cup of coffee. Is it really that good?

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Woo Hoo


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I had it once at a conference and neither me or my husband liked it. But we are not heavy coffee drinkers either.

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MzHartz


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I'm addicted to Starbucks. I hope they don't close the one next to my house.

I love coffee. And it's not $6 for a cup of coffee.

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ghostdancer


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I'll get a cup of their coffee once in a while when I'm in Barnes & Noble.  I call it my "me time".....pick out a book I'm going to buy and sit down in the store with a coffee and read for a while. smile

If they close the Starbucks in B & N, a lot of people will miss them.....there are always a lot of people drinking a cup of coffee and reading in there. 

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Jeremy Riggs


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I always scoffed at the notion of paying that kind of money for a coffee.

Then one morning while waiting at the airport for Jenn to board her plane home I was weak and bought some seasonal Pepperment Mocha Latte thingy for about $5 from a Kiosk.

I gotta admit, I've never had a better beverage in all my life. Of course, I found out it has as many fat grams as a quarter pounder, so that made it easier to pass up than the high price tag.

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JD The Jazz Doctor


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one of their huge coffees is like $1.89 its the soy mocha latte 1/2 caf, double-cupped shot of hazelnut chai that will start adding up.smile.gif

I think the one by my house will be ok. at least I hope. I used to be really displeased with them because I am sure they pretty much killed this cool ma and pop ran coffee place a couple of blocks away a few years back. Since then tho, the ma and pop place became a good thin crust pizza place. So I'm happy about that.

I was kind of sad when an old bakery by my house closed too. Not that I was ever really in there more than once or twice, but it was one of them places "that was always there" in the neighborhood. But now, they are going to put a Gelato place in there! I am way happier about that than sad when the bakery closed.

In Milwaukee, we are fortunate enough to be the home of Alterra coffee. I will put up a cup of alterra anytime vs starbucks, and if you really like coffee, you will think alterra is waaay better than the 'bucks. And I love my 'bucks. I think squonk would agree with me too.smile.gif

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confuzzed


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MzHartz wrote:

I love coffee. And it's not $6 for a cup of coffee.
Sorry, I guess it is those really fancy coffee things that costs that much. A nice cup of regualr or flavored coffee probably is a much more reasonable price.



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ghostdancer


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We have another specialty coffee shop here, called The Red Eye.  Their coffee is really, really expensive......starts at $8 a cup and goes up to as high as $15!! 

My dad stopped in there and was shocked not only at the price of their coffee, but also their clientele.   It's a hangout for the young crowd....goth, grunge, emo, and artsy people.  He said after he got over his initial knee-jerk reaction to the kids, they were very nice to him and carried on a conversation with him.  He goes there every couple of weeks for something new to do, haha.  biggrin

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MzHartz


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My grande (medium) caramel latte is around $3.50. I figure that's cheaper than if I bought an espresso machine, and the time it would take me to steam the milk and brew the coffee before I had any caffeine in the morning.

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