Starbucks to close 400 stores as company accelerates transformation because of coronavirus
Starbucks plans to close as many as 400 company-operated stores in the next 18 months, according to a Securities and Exchange Commission document.
The document did not include a list of potential store closures, but did say Starbucks typically closes about 100 stores each year in the Americas. The coffee company plans to add 300 new locations in the region during the 2020 fiscal year, down from a previously expected 600.
The closures are taking place “in conjunction with the opening, over time, of a greater number of new, repositioned stores in different locations and with innovative store formats, yielding a U.S. portfolio that is optimized to enhance the customer experience, expand our retail presence and enable profitable growth for the future,” the document states.
SOURCE: Orlando Sentinel