Starbucks says it will close 150 stores next year

[1bad65]

Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks (SBUX) CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."

Source:
http://money.cnn.com/2018/06/19/news/companies/starbucks-store-closures/index.html

[5burowz]

Good riddance

[Teetotaler]

The silver lining might be that the beautiful snow bunnies might stop getting the bbc for losing their favorite drinks?

[Derranged]

I only use Starbucks when I have to take a leak.

[Anthony342]

Good **** 'em. Maybe local shops with better coffee and food can take over.

[jaded]

I'm not surprised. I was just thinking earlier as I was stirring my home brewed coffee how I used to go to Starbucks daily which would now cost me around $70 a month for a regular coffee and about $100 for the double cup size that I make myself (which costs me next to nothing). Besides which they had opened them literally across the street from each other where I live.

[LADIV]

Good...their coffee is garbage anyway..and overpriced..

[////]

I dunno why people go there anymore. Even small towns have hip/gourmet cafes nowadays. Any city has them every block.

Starbucks has become McDonalds + the "SJW" stigma and hobo syringe restrooms. Not much appeal.

[BoxingFan85]

I only use Starbucks when I have to take a leak.

Is that when this was taken

[BoxingFan85]

Their coffee is average at best..