Wow!
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.
Just a year ago, Starbucks Corp. announced that the company plans to open 10,000 new stores in the next four years, an aggressive target for the Seattle-based coffee retailer.
Starbucks intends to open 2,400 stores this year, 700 of which will be outside the United States. This year’s new stores would represent an increase of 18 percent in its current stock. Starbucks currently operates 13,168 stores worldwide.
Company officials say that its long-term growth strategy includes plans to ultimately increase its inventory to 40,000 locations worldwide. The 2,199 new stores opened last year was a record number for the retailer
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