Starbucks to close 600 US storesWednesday 02 July 2008 11.29
US coffee shop giant Starbucks is to close some 600 'underperforming' company-operated stores in the US market as part of a reorganisation to pump up profitability.
'This decision is a result of a rigorous evaluation of the US company-operated store portfolio and includes the 100 stores targeted for closure in the company's previously announced plans,' the Seattle-based company said in a statement.
Starbucks also said it expects to open fewer than 200 new US company-operated stores in fiscal 2009.
The company said that full-time and part-time retail positions 'will be eliminated,' but many employees will be able to take available positions at nearby Starbucks stores.