Starbucks closing 600 stores, laying off 12,000 in process
Beginning this year, 600 Starbucks locations in the United States will be shutting down. About 70 percent of these locations were only open for less than three years. That’s what happens when branches start opening up within a few blocks of each other and the economy is in the shape that it’s in right now.
Stock value or the company is down about 24 percent on the year. Starbucks said in May that its second-quarter profit fell 28 percent, to $108.7 million, in what was its weakest quarter as a public company. Starbucks reports that nonetheless, this will not hinder their international growth strategy for the company.