Starbucks to close 500 more shops effects 12,000 workers

[Bindare_Dundat]

The coffee chain Starbucks plans to close 500 stores in the US on top of the 100 it had already announced.

Up to 12,000 full and part-time jobs will go, although Starbucks will try to move staff into other stores.

While it is closing underperforming stores, the company is still opening new US outlets, although it is cutting back from 250 to 200 next year.

Starbucks aggressively opened stores in areas hardest hit by the housing slump such as Florida and California.

The company has been hard hit by US consumers feeling the pinch and cutting back on their spending on expensive coffee.

The job losses would be about 7% of the company's global workforce.

Starbucks shares rose 6% in electronic post-market trading on Nasdaq after the announcement was made.

[240 is Back]

this is good for the economy.  Those 12,000 workers can now work for the Mccain campaign.

[CQ]

Great news. Things are going well I see, economy is booming.

[MB_722]

can individuals own a starbucks or are they all company owned?

[Deicide]

I almost feel sorry for whomever inherits the oval office next....

[Tre]

Great, maybe now some of these bums can get real jobs. 

Starbucks has negotiated some *horrible* leases nationwide and because of that, a strain has been put on other businesses as well. 

Also, a lot of people have figured out that they can make coffee at home for a lot less than $4/cup.

[tonymctones]

Great, maybe now some of these bums can get real jobs. 

Starbucks has negotiated some *horrible* leases nationwide and because of that, a strain has been put on other businesses as well. 

Also, a lot of people have figured out that they can make coffee at home for a lot less than $4/cup.

LOL its more like 6 bucks a cup i dont see why ppl go to this place, there are two new ones probably within 5 mins from my house so they must not be doing to bad