Starbucks Closing 600 Stores in the United States
July 1, 2008
Starbucks (NASDAQ: SBUX) announced that it is closing 600 stores in the United States. In addition they announced that they have revised their plans to open less than 200 stores in the United States in 2009. The announcement comes after several years of rapid expansion; Starbucks announced that it planned 1500 new stores in 2005 alone. Earlier this year it announced that it would slow its growth but today’s announcement goes one step further.
The stores identified for closure are spread across all major U.S. markets with approximately 70 percent of them opened since the beginning of fiscal 2006.
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