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Starbucks to close 500 more U.S. stores
June 17, 2009
The Atlanta Journal-Constitution: Starbucks Corp. has announced that it will close an additional 500 unprofitable company-operated stores in the next year, up dramatically from its previous plan for 100 closures.
Seventy percent of the stores slated for closure had opened after the start of 2006. About 12,000 workers, or 7 percent of Starbucks' global work force, will be affected by the closings, with most employees moved to nearby stores.
Starbucks estimated $8 million in severance costs and up to $348 million in charges related to the closures, with $200 million to be booked in the fiscal third quarter ended June 30.
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