Strabucks Closing 600 Stores


	Strabucks Closing 600 Stores

Rain7128

7-1-2008 6:57 PM

188 views

tags:

starbucks, coffee, high cost

Rain7128 says:

Good coffee. If they lowered their prices, maybe they wouldn't need to close 600 stores. Just a thought.

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7-1-2008 7:04 PM

katsteevns

Chains devour small business.

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<DIV class="byline">By Associated Press                                </DIV>
<DIV class="news_date">1 HOUR AGO</DIV>
<P>SEATTLE - Starbucks Corp. said Tuesday it will close 600 stores in the United States in the next year and cut back the number of new stores it had planned to open.</P><P>Starbucks said 70 percent of the stores slated to be closed had opened since the start of the 2006 fiscal year. The total includes 100 previously announced store closures.</P><P>The company expects charges between $328 million and $348 million related to the closures, including a charge of $200 million in the third quarter.</P><P>Once those underperforming stores have shut down _ a process the company said will happen gradually from now until the first half of 2009 _ Starbucks said it expects the change to boost earnings by $100 million a year.</P><P>Starbucks said it will try to place workers from closed stores in remaining Starbucks.</P><P>Shares of Seattle-based Starbucks slipped 11 cents to $15.51 in after-hours trading after losing 12 cents to close at $15.62.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0FF41ADE-5E63-4200-86C0-82E0E1F5BB8C/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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