Tuesday, July 1, 2008

Starbucks Closing and Laying Off

While this is primarily a travel blog, my other full time occupation, other then traveling, is drinking coffee. I am a Starbucks addict, I admit it and I face my addiction. I was one of those people who used to laugh at others who paid $4 for a cup of coffee or ordered one of those drinks that looked more like desert then coffee. Much like crack, the first time you start drinking Starbucks you are hooked. You start with just regular coffee, this allows you to still laugh at the froo froo drinks but then one day you try a latte and then next thing you know, that is all you drink.

You really know the economy is going to hell when Starbucks starts closing stores and laying off people, but alas, in today's paper that is exactly what is happening.

Starbucks Corp. said on Tuesday it plans to close another 500 underperforming stores and eliminate as many as 12,000 full- and part-time positions, lifting shares nearly 6 percent. The company, which now plans to close a total of 600 underperforming stores versus its previous estimate of 100, said the majority of the stores will be closed by the end of March 2009.

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Jean Chai said...

back here in Malaysia, we are paying RM 10 for a cup of coffee...If the outlets there are closing, I can't imagine the life span of outlets in this part of the world.

Anonymous said...

i think Starbucks here in the Philippines is still doing well..this is probably because Filipinos chill out at Starbucks to set a status quo. according to Furious though, Starbucks is not a big deal in Australia. people there would rather go to quaint little coffee shops.