Starbucks announced plans to close roughly 250 stores across North America this week, company COO Mike Grams revealed Thursday.
“We have carefully reviewed our North America coffeehouse portfolio and identified locations where we do not believe we can consistently deliver the experience we want for customers and partners or where we don’t see a path to acceptable financial performance,” Grams said in the announcement, which was in the form of a letter to “Partners.”
“As a result, we will close approximately 250 coffeehouses later this week. This represents approximately 1% of our more than 18,000 North America coffeehouses,” he added.
“Closing any coffeehouse is a difficult decision, and we know today’s news will be hard for the partners, customers and communities affected,” the statement said.
This is a developing story. Check back soon for updates.
