Starbucks plans to close 150 locations

21 June, 2018, 05:17 | Author: Heather Diaz
  • The company closed over 8,000 stores in the United States for the afternoon to conduct racial-bias training for its employees following an incident invo

The coffee chain, which is still shaking off the backlash caused by the arrest of two black men in a Philadelphia store that led to the chain shutting down its stores for sensitivity and bias training, says it's pulling back new store launches in urban areas where coffee chains are abundant.

FILE PHOTO: A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, U.S. on October 27, 2015.

According to CNN, "poorly performing" stores around the country will be getting the ax.

For a chain that has so many stores that they often in sight of each other, Starbucks said Tuesday is finally ready to pull the plug on more of its losers. As of right now, there's no word on which cities will be affected by the change.

The Seattle-based company said it will close about 150 stores in fiscal 2019 in its most densely penetrated markets, 100 more than its historical average. "Now, in a lot of ways, it's middle America and the South that presents an opportunity".

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

The coffee chain announced Tuesday that global same-store sales, at locations open for at least one year, were projected to rise 1%. Americans can "get that same flavor profile at a much lower price somewhere else".

"We're putting more of our energy into that afternoon day part and the portfolio of beverages that are offsetting some of the declines we're seeing in Frappuccino beverages", Johnson said, citing a consumer shift away from sugary drinks.

Starbucks, which earlier this month raised its prices for the third time in three months, is also dealing with increased competition from places like McDonald's, which has improved its coffee lineup and offers lower prices on many products.

Starbucks said it now expects earnings in the range of $3.23 to $3.26 a share for the current fiscal year, down about a dime from its previous targets. Additionally, it plans to cut general and administrative costs, and has hired a consultant to help in this area.

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