More announcements of store closings, layoffs and horrible economic reporting from Starbucks coffee.
SEATTLE (Jan. 28, 2009) After booking a near 70-percent drop in first-quarter profit, Starbucks Corp. said Wednesday it would close an additional 300 locations, pull back further on development and reduce its workforce by as many as 6,700 positions this year to become a “leaner and more nimble company.”Makes sense, when you are out of a job that high priced take out coffee is an easy thing to cut out of the family budget. But 70% Down. That is Huge!
The company is struggling to cut costs in light of declining store traffic throughout its more than 16,000 locations. Starbucks’ latest moves follow last year’s plans to shutter more than 660 stores in the United States and Australia and to cut about 1,000 jobs. Nations Restaurant News
