Starbucks announced to close 600 coffee shops and cutting 7% of its workforce.
Starbucks has grown too fast and its shares have fallen more than 50% in the past two years. Something has to happen, but what if it is hitting "your Starbucks" on the way to work? Better buy five tall Starbucks Doubleshot on Ice today to save your Starbucks, but maybe it is too late already as Starbucks already identified the 600 underperforming shops.
The majority of the store closures are scheduled to occur during the remainder of fiscal 2008 and the first half of fiscal 2009.
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.
More details in this Starbucks announcement.
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