Starbucks Announces Plans To Close 150 Underperforming Stores

Starbucks Announces Plans To Close 150 Underperforming Stores

Starbucks Announces Plans To Close 150 Underperforming Stores

In May, Starbucks closed all of its more than 8,000 US stores for an afternoon so that their employees could participate in "racial bias training" following an incident in Philadelphia in which a store employee called the police on two black men who were arrested for trespassing.

The world's largest coffee chain is facing competition both from upscale coffee houses and lower-priced fast-food chains like McDonald's Corp and Dunkin' Donuts.

"The company's streamlining initiatives will enable greater agility in adapting more quickly to changes in consumer preferences, " the company stated.

The changes came weeks after Starbucks Executive Chairman Howard Schultz announced he would leave the role in June.

Milos Raonic advances to Mercedes Cup final against No. 1 Federer
Editors Note: That "Cheeky" NICK! This time of year the players take off their grass court shoes prior to exiting the court. I've come back from not playing the last few weeks and I've come back playing at a high level.

Johnson laid blame for the disappointing sales growth at the feet of the once-vaunted Frappuccino, which accounted for 14 percent of revenue at company-operated stores as recently as three years ago.

Starbucks shares are virtually unchanged for the year.

"At least in the Starbucks heavy markets, the people that are going to drink coffee are already drinking it".

The Seattle-based company announced Tuesday that it will close approximately 150 underperforming stores in its most densely populated USA markets amid sluggish sales - up from its usual rate of 50 per year.

Ex-FIFA president Sepp Blatter to attend Portugal's clash with Morocco
Blatter voted for Russian Federation to host the World Cup when it won a four-candidate contest in December 2010. Putin's spokesman Dmitry Peskov said on Monday he did not know whether any meeting had been planned.

Starbucks says it will accelerate its store closings in the USA next year to counter cooling sales growth.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable", CEO Johnson said in the statement. China is the company's biggest growth driver with same-store sales rising 4 percent in the last reported quarter.

The company made the announcement after lowering its guidancefor comparable same-store sales growth in the current quarter to just 1%, well below the 2.9% expected by analysts.

The company also said it would look to cut general and administrative expenses with plans to partner with an external consultant to speed up the process.

What's happening at the U.S. border
And it was uncertain if the President's support would be enough to push any legislation through the divided Republican majority. President you started it, you can stop it". "The fake news media back there doesn't talk about that", he charged.

Related news