Starbucks to Close Stores
Seattle Starbucks announced that it plans to close 100 underperforming locations in the United States, while scaling back the rate of store openings domestically, according to The New York Times. The locations slated to close were not identified.
At the same time, Starbucks will move more aggressively to open stores overseas, where business remains robust.
In all, Starbucks will open 1,175 restaurants in the United States this budget year, down from its previous goal of 1,600. The company will open 75 more stores abroad than originally predicted, for a total of 975.
As part of its turnaround plan, the company also said it would discontinue warm breakfast sandwiches at its stores and focus instead on healthy breakfast options and high-quality baked goods.