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Starbucks to Close 400 Stores in North America

Stock MarketsJun 10, 2020 12:32PM ET
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© Reuters.

Investing.com -- Starbucks (NASDAQ:SBUX) says it will close 400 stores in North American, about half of them in Canada, because of the economic hit from the Covid-19 shutdowns.

The coffee chain giant expects sales to fall by as much as $3.2 billion this quarter. Shares fell 4.5% in midday trading on Wednesday.

The company is planning to speed up plans for more stores to offer pick-up only services and drive-through windows and boost its mobile ordering app. In a press release, CEO Kevin Johnson said, “As we navigate through the COVID-19 crisis, we are accelerating our store transformation plans to address the realities of the current situation, while still providing a safe, familiar and convenient experience for our customers.”  

Starbucks to Close 400 Stores in North America
 

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Comments (8)
Gamer Turtle
GamerTurtle Jun 10, 2020 4:32PM ET
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so approximately 800 employees? I doubt these are city stores as employers are slowly getting their employees back to the office.
Darwish Abdi
Darwish Abdi Jun 10, 2020 4:32PM ET
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Not for long buddy, they’ll shut her down again soon! Lol
Rollernman John
Rollernman John Jun 10, 2020 4:31PM ET
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So ready to sell
Raksaksa Tonne
Raksaksa Tonne Jun 10, 2020 3:48PM ET
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Share price will shoot up 1000% because you know this Covid is great for the economy
Brandon Son
Brandon Son Jun 10, 2020 3:06PM ET
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thank God there's soooo many
Muhamed Jaffir
Muhamed Jaffir Jun 10, 2020 1:54PM ET
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bullish I'm sure.
Jay Reid
Jay Reid Jun 10, 2020 1:21PM ET
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well......... a 3.2 billion dollar lost, I'm surprised they're not closing 1000 stores worldwide.
Holly Sorensen
Holly Sorensen Jun 10, 2020 12:58PM ET
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that's a lot of stores!
Stephen Corsaro
Stephen Corsaro Jun 10, 2020 12:58PM ET
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not really they run 28212 stores
Santiago Barclay
Santiago Barclay Jun 10, 2020 12:58PM ET
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Stephen Corsaro  Worldwide or just in North America?
Kilo Byte
Kilo Byte Jun 10, 2020 12:41PM ET
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My god!
 
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