Company: Starbucks to close 250 stores in North America
The US coffee chain is continuing its austerity course and abandoning unprofitable locations. The closures cost the group $300 million.
Starbucks plans to close 250 stores in North America by the end of the week. The company, which has its headquarters in Seattle and operates 18,371 stores in the region as of the end of June, did not specify which locations are affected. The closures are due to underperforming financial results or failure to provide the desired customer experience, according to an internal memo from operating chief Mike Grams.
Affected employees will be offered transfers to other stores or severance packages. The closures are expected to result in a $300 million hit to the company.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
