Starbucks to cut up to 12,000 jobs, close 600 stores (company, interest, money)

[Ron.]

I'm not surprised


LOS ANGELES (Reuters) - Starbucks Corp (SBUX.O) 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.

Continue.........

http://news.yahoo.com/s/nm/20080701/bs_nm/starbucks_dc (broken link)

[bchris02]

Sad, one of the hallmarks of this decade can't even withstand the current economy. I know I haven't been to Starbucks since gas hit $4/gallon. Neverthless, Starbucks went into many markets that were NOT Starbucks markets. It repeated the mistake of Krispy Kreme. A brand like that loses its specialty when its in every hick town and every gas station in the US.

[Philip T]

Originally Posted by bchris02

Sad, one of the hallmarks of this decade can't even withstand the current economy.

I am thinking Stucky's and Edsels. Now there were some real losses, too.

ohhh. And Disco, too.

[Huckleberry3911948]

aggressive panhandling, and hard core drug addicts in withdraw are regularly present at local starbucks. im ready to move on, how bout you?

[bentlebee]

I'm not surprised...if I go to Panera I pay $ 1.99 for a hot chocolate (big cup), at Star bucks I pay over $ 3.00 for the smallest size and the one at Panera is much better.

[thebigr]

Starbucks was a prime example of Americans living beyond there means. Spending that kind of money for a cup of coffee never made much sense to me. Many people recomended that stock to me and I was never interested.

[SmerkyGrl]

Bad marketing strategy. Oh well. Too bad so sad.

[UpperPeninsulaRon]

Originally Posted by bentlebee

I'm not surprised...if I go to Panera I pay $ 1.99 for a hot chocolate (big cup), at Star bucks I pay over $ 3.00 for the smallest size and the one at Panera is much better.

My buddies and I go to McD's for morning coffee. Fifty-two cents a cup and free refills (we are all over fifty) and we solve the world's problems too.

[norcalmom101]

You know, I'm a Peet's snob, and McD's coffee is actually pretty good. Good business move!

[bchris02]

Originally Posted by thebigr

Starbucks was a prime example of Americans living beyond there means. Spending that kind of money for a cup of coffee never made much sense to me. Many people recomended that stock to me and I was never interested.

I don't even like to burn the gas to get to Starbucks these days. I don't drive anywhere thats not ABSOLUTELY necessary. Ill put off getting groceries so I can consolidate it with something else I have to do. Starbucks was an icon of this materialistic decade along with iPhones and the Hummer. I sort of wish it could have lasted a bit longer.