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Starbucks to Close 400 Stores in North America

Published 06/10/2020, 12:19 PM
Updated 06/10/2020, 12:32 PM
© 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.”  

Latest comments

so approximately 800 employees? I doubt these are city stores as employers are slowly getting their employees back to the office.
Not for long buddy, they’ll shut her down again soon! Lol
So ready to sell
Share price will shoot up 1000% because you know this Covid is great for the economy
thank God there's soooo many
bullish I'm sure.
well......... a 3.2 billion dollar lost, I'm surprised they're not closing 1000 stores worldwide.
that's a lot of stores!
not really they run 28212 stores
 Worldwide or just in North America?
My god!
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