Starbucks sees lowest same-store sales growth this quarter since 2009
Seattle-based coffee giant Starbucks announced its plan to close approximately 150 stores across the United States as a result of “slow growth,” sending the corporation’s stock prices down nearly 7%.
According to Bloomberg, the nationwide chain plans to reduce the number of stores in “densely populated markets” across America, with the new CEO Kevin Johnson saying “our shareholders deserve better.”
“Our growth has slowed a bit,” said Johnson. “I expect better, I think our shareholders deserve better, and we’re committed to address that.”
The stores closing are primarily in “major metro areas where increases in wage and occupancy and other regulatory requirements” are making them unprofitable, Johnson said.
The announcement comes just weeks after the store closed all 8,000 locations nationwide for one day to re-train their employees on “anti-bias” techniques.
After the policy change Starbucks stores allow all persons to use the restroom facilities without requiring a purchase, effectively turning their neighborhood coffee shops into what some customers described as a “homeless shelter.”