Starbucks to close 600 US stores, rein in growth
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By JESSICA MINTZ SEATTLE (AP) - For a decade it appeared there was no such thing as too many Starbucks for U.S. coffee drinkers, whose willingness to buy its $4 lattes and dark drip brews rationalized a second green-and-white mermaid awning just down the street - and sometimes even a third.
But in a sign that those days are over, Starbucks Corp. announced Tuesday it will close 600 company-operated stores in the next year as the faltering U.S. economy hastened the pain caused by the company's own rapid expansion.
Starbucks shares, which have been falling steadily for nearly two years, jumped 72 cents, or 4.6 percent, in extended trading after the announcement. They had lost 12 cents to close Tuesday at $15.62.
Seattle-based Starbucks did not say which stores will be closed, only that they are spread throughout the country. But it did say 70 percent of those slated for closure had opened after the start of 2006.
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Comments (11)
yay! i can hear the songbirds in the rainforest singing with relief! i for one won't miss the corporate conglom. i think i tried them once at a Border's just out of curiosity. Worst cafe drink i've ever had. never went back except maybe to use the restroom for free!
I dig peets better...
Imagine all the soccer moms who are going to have to drive an extra 10 miles to get their double shot, mocha latte, half caf. with soy milk and of course double cupped. I see this as a final attempt by George Bush to get people to buy more gas........
Rawkkiddoh : No doubt lol! I think GWB is just trying to kill our economy. Part of their globalization plan IMHO.
another sign of the recession....
Gotta disagree with the Starbuck bashing though-- it used to be quite difficult to get a good cuppa joe before they upped the ante. McDonalds even has gotten on board.
Tho W does appear to want to take us down.
dharmachris Their good, I just like peets better. I get their coffee beans (Starbucks) from Costco. I do think the went a little over kill on with having pretty much one shop next door to one another. But it's their biz and they can do what they want. Their a great place to work, benefits for part-time workers. A lot people are going to lose jobs
I don't drink peets much because of their price. Great coffee but pricey.
not familiar with Peets... we got Wawa here in philly, and they really are the best coffee! When we were in London 5 years ago we noticed a starbucks literally every 2 blocks in certain areas.
Don't think I've heard of Wawa coffee.
http://en.wikipedia.org/wiki/Peet%27s_Coffee
www.wawa.com
Mmmm, I like it when they got some real food @ them place's. That 24 looks mighty good!
Piss on that expensive coffee! I'll just make my own thank you!