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Starbucks Going From Venti to Grande

chasingthecool.wordpress.com

Fine, so the headline was a bit much, but this was one time we didn’t mind saying venti instead of large: Turns out that even the top bananas at Starbucks finally realized that they’ve overextended themselves, and due to the sagging economy, they’re closing 600 U.S. retail locations. Great—so that means there’ll be only eight Starbucks stores on every block instead of nine.

Seattle Post-Intelligencer:

Seventy percent of the stores slated for closure had opened after the start of 2006, the company said in a statement.

To put it another way, Starbucks is closing 19 percent of all U.S. company-operated stores that opened in the last two years, Chief Financial Officer Pete Bocian said during a conference call.

About 12,000 workers, or 7 percent of Starbucks’ global work force, will be affected by the closings, which are expected to take place between late July and the middle of 2009, spokeswoman Valerie O’Neil said.

O’Neil said most employees will be moved to nearby stores, but she did not know exactly how many jobs will be lost. Starbucks estimated $8 million in severance costs.

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TAGS: coffee company economy gas prices market recession retail seattle starbucks store

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By rick, July 2, 2008 at 2:53 pm #
(Unregistered commenter)

Perhaps Starbucks management was a little hyped up on their own product when they thought it was intelligent to open so many stores in the first place!

There are 4 Starbucks alone in my relatively small town. WTF. Anyone with an undergraduate’s understanding of business would have seen that was overkill.

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By squarestate, July 2, 2008 at 12:43 am #
(Unregistered commenter)

A year or two ago, Lewis Black had a great bit on The Daily Show about being somewhere and stopping for a coffee at Starbucks, and coming out the door across the parking lot was .. another Starbucks! For the people to tired to walk another 50 yards for a cup of java. Maybe they should put Lewis on their management team.

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