Starbucks to Close 600 U.S. Stores

Starbucks to Close 600 U.S. Stores
July 02, 2008

Seattle-based Starbucks Corp. announced Tuesday night plans to shutter around 600 underperforming stores in the United States, about 70 percent of which opened in January 2006. Based on the company's restructuring agenda disclosed earlier this year, about 100 of the affected stores were already scheduled to close. Most of the 600 locations will close during the rest of the year and the first half of fiscal 2009, and although positions will be eliminated, the company said "many" affected employees will receive jobs in nearby Starbucks locations. The company intends to open fewer than 200 new U.S. stores in fiscal 2009.

Produced by: Nielsen Business Media, a part of the Nielsen Company
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