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  #1  
Old 07-01-2008, 05:00 PM
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Starbucks to close some stores

Is this really a surprise?? Come on. Having a Starbucks on every corner was the original plan. I guess that wasn't such a smart idea.
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Starbucks to cut as many as 12,000 positions
Tuesday July 1, 4:33 pm ET


LOS ANGELES (Reuters) - Starbucks Corp (NasdaqGS:SBUX - News) said on Tuesday it plans to close another 500 underperforming stores and eliminate as many as 12,000 fill- and part-time positions.
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The company, which now plans to close a total of 600 underperforming stores, will take related charges totaling more than $325 million.

The majority of the stores will be closed by the end of the first half of its fiscal year ended September 2009, the company said.

Starbucks said 70 percent of the stores targeted for closure have been open since the beginning of fiscal 2006.

Starbucks estimated the total pretax charges associated with the planned U.S. company-operated store closures, including costs associated with severance, would be in the range of $328 million to $348 million.

Starbucks also said it will open fewer than 200 new U.S. company-operated stores in fiscal 2009, down from 250 previously.

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  #2  
Old 07-01-2008, 05:16 PM
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I always wondered how they could have so many stores without canabalizing their own sales.
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  #3  
Old 07-01-2008, 05:22 PM
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500 stores huh? That should only eliminate a five block area!
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  #4  
Old 07-01-2008, 05:24 PM
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Yeah, not a big deal. I can't remember the term... mature stage??? of growth.
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  #5  
Old 07-01-2008, 05:30 PM
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Starbucks cofee is such an over priced luxury. Their bubble was bound to burst at some point and with the economy as slow as it is now, it's not surprising.
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  #6  
Old 07-01-2008, 05:33 PM
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It's simple business. If it doesn't turn a profit, cut it. No surprise here.
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  #7  
Old 07-01-2008, 06:46 PM
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The original concept was that they believed that a customer would only venture out a limited distance for coffee. On that priciple, the viral placement of small stores suceeded.

Lewis Black had a routine about the coming of the appocalypse drawing near when he walked out of a Starbucks and from the door he could see another Starbucks across the street.

From my window right now, I can see two Starbucks, one with a connected Jamba Juice, on the same side of the same street, with less than 200 yards between them. People in Honolulu don't walk much.
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  #8  
Old 07-01-2008, 06:49 PM
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As long as they do not close the 24 hour starbucks by my house, its cool.
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  #9  
Old 07-01-2008, 07:46 PM
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Charbucks

OK with me..........

I'm not a big fan of overpriced burned coffee anyway.
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  #10  
Old 07-01-2008, 08:08 PM
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http://en.wikipedia.org/wiki/Peets


^^Thats the best coffee shop ever. They make the best cup of coffee.
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  #11  
Old 07-01-2008, 08:22 PM
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I don't drink coffee so I don't care.
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  #12  
Old 07-01-2008, 08:46 PM
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I'll say it's fresh ground - This coffee tastes like dirt!
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  #13  
Old 07-01-2008, 09:33 PM
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I hope the 3 stores within a mile from my house won't close. I wonder what will happen with all the stores in Seattle? Actually when I am in Seattle I like going to the smaller independent stores, many of them have very good coffee, and offer $.25 and $.50 refills, which I like a lot. One of my favorites is Herkimer Coffee. http://www.herkimercoffee.com/
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  #14  
Old 07-02-2008, 12:06 AM
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Friends Don't Let Friends Drink Starbucks
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  #15  
Old 07-02-2008, 12:12 AM
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I hit double D's more often. I believe it's 2/3rds the price, and serves my purpose.

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