Starbucks plans to close 150 locations

Yolanda Curtis
June 21, 2018

In the past year, Starbucks has opened nearly 1,000 new stores in the Americas, which includes the U.S., Canada and Latin America.

Starbucks now operates about 13,900 locations in the USA, putting it within sipping distance of the 14,400 restaurants operated by McDonald's.

Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.

As for store closures, Johnson said the ones it's targeting are unlikely to be moved or replaced, with their business ideally moving to other shops and raising overall system performance.

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A video of the arrest went viral, prompting a public backlash and the trending hashtag #BoycottStarbucks.

Starbucks CEO Kevin Johnson released a statement regarding the current status of the company. Stock for the company dropped as much as 5 percent in after-hours trading.

Competition from rivals like McDonald's and Dunkin' Donuts is heating up, said Bernstein analyst Sara Senatore in a research note.

It has missed analysts' estimates for same-store sales in the USA -dominated Americas region in five of the last six quarters.

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Earlier this month, Starbucks raised the price of its brewed coffee 10 cents to 20 cents at the majority of its company-owned stores stateside and company executive chairman Howard Schultz stepped down.

"At least in the Starbucks heavy markets, the people that are going to drink coffee are already drinking it". That's their lowest quarterly growth since 2009, Bloomberg.com reported.

Historically, the Seattle-based company closes roughly 50 stores a year. Additionally, it plans to cut general and administrative costs, and has hired a consultant to help in this area.

In early May, Swiss-based Nestle said it would pay Starbucks $7.15 billion for exclusive rights to sell Starbucks coffees and teas. Its global comparable store sales increased 2 percent.

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