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Starbucks has announced that the company will be closing 150 poorly performing stores

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Starbucks has announced that the company will be closing 150 poorly performing stores

Old 06-20-2018, 10:08 AM
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69L46
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Default Starbucks has announced that the company will be closing 150 poorly performing stores

Urban areas, eh? Well, that's one way to address the bathroom issue.


http://money.cnn.com/2018/06/19/news...res/index.html

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Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.

The affected stores are located in mostly urban areas that are densely populated with Starbucks locations.

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks (SBUX) CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."

"In this last quarter, we had an unplanned initiative related to the incident in Philadelphia that culminated in closing stores," Johnson said on a call from the Oppenheimer Consumer Conference on Tuesday afternoon. "It is not an excuse," for the 1% growth rate, he added. Chief Financial Officer Scott Maw said that the closures "had an impact."

Starbucks closed 8,000 stores on the afternoon of May 29 to offer about 175,000 employees mandatory anti-bias training after two black men were arrested at a store in Philadelphia while waiting for a friend. Outgoing chairman Howard Schultz said the training cost Starbucks "tens of millions" of dollars. The training also delayed the launch of Starbucks' spring and summer marketing campaign by about two weeks.

To help boost sales, Starbucks will develop more healthy drinks, like low-sugar iced tea, for an increasingly health-conscious customer base. The company said that so far in 2018, Frappucino sales have fallen by 3%. Last year, sales of the sugary blended beverage were up 4%, compared to 5% in 2016 and 17% in 2015.

The company is also planning on boosting its digital initiatives and getting more customers to sign up for its app.
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Old 06-20-2018, 10:18 AM
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Heh.
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Old 06-20-2018, 10:19 AM
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All that training for nothing.
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Old 06-20-2018, 10:27 AM
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Impossible! They have all those homeless drug addicts to sell $8 mocha lattes too.

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Old 06-20-2018, 11:25 AM
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Hmm, imagine that. A company keeps embracing liberal ideologies and loses customers. The failure of liberalism continues to be displayed, but some are still too stupid and arrogant to see the truth.

Liberals deserve the destruction and failures they bring on themselves.
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Old 06-20-2018, 11:28 AM
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Hmmm 150 stores out of 13,000...hardly a blip on the radar.
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Old 06-20-2018, 11:29 AM
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Will Ralph Maddow weep for this one?

The disgraced CuckEO picked a good time to bow out.
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Old 06-20-2018, 11:31 AM
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Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks (SBUX) CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."


No. Its not cataclysmic. But it does warrant such remarks it seems

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Old 06-20-2018, 11:34 AM
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Originally Posted by Tri-Tip View Post
Hmmm 150 stores out of 13,000...hardly a blip on the radar.
Millions of dollars lost is not a blip on any companies radar, it is a concern for investor who keep seeing lack luster performance and decide to take their money elsewhere.
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Old 06-20-2018, 11:51 AM
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Originally Posted by 30YR W8T View Post
Millions of dollars lost is not a blip on any companies radar, it is a concern for investor who keep seeing lack luster performance and decide to take their money elsewhere.
I would be concerned about any chain that did not drop poorly performing locations on a regular basis.

McDonalds adds and drops stores every year, Subway does the same, WalMart/Sams Club opens and closes stores

Airlines drop and add routes on a regular basis to be more profitable.

Basic business practice. But maybe that isn't your area of expertise.

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Old 06-20-2018, 11:53 AM
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Originally Posted by 30YR W8T View Post
Millions of dollars lost is not a blip on any companies radar, it is a concern for investor who keep seeing lack luster performance and decide to take their money elsewhere.
Neither is 1% sales growth, as the chain is reporting.
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Old 06-20-2018, 12:18 PM
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I guess the Ghetto will have to get their Latte from McD's!
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Old 06-20-2018, 12:19 PM
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Originally Posted by Tri-Tip View Post
Hmmm 150 stores out of 13,000...hardly a blip on the radar.
I may be incorrect but didn't Trump have ~515 businesses and 9 of those fail?
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Old 06-20-2018, 12:22 PM
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Originally Posted by TCracingCA View Post
I guess the Ghetto will have to get their Latte from McD's!
...and they can use the bathroom all they want without buying anything, which is the true purpose of a restaurant anyway....
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Old 06-20-2018, 12:35 PM
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Originally Posted by grady View Post
I may be incorrect but didn't Trump have ~515 businesses and 9 of those fail?
Don't you think there is a big difference between a business failing and a chain being proactive and closing down poorly performing stores?

Starbucks closing stores is NOT going to mean that any of their vendors are going to lose money in a bankruptcy situation. They might have had to buy out leases, but they didn't walk away from debts as would have happened in bankruptcy.

Last edited by Tri-Tip; 06-20-2018 at 12:35 PM.
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Old 06-20-2018, 12:38 PM
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Originally Posted by 30YR W8T View Post
Hmm, imagine that. A company keeps embracing liberal ideologies and loses customers. The failure of liberalism continues to be displayed, but some are still too stupid and arrogant to see the truth.

Liberals deserve the destruction and failures they bring on themselves.
Impossible.


Simply because liberals aren't wired to accept responsibility for any of their actions.
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Old 06-20-2018, 12:40 PM
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Teavanna did not work out so well for them either. I don't get why a public company like this feels they need to step into political ****. STUPID
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Old 06-20-2018, 12:58 PM
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I have not stepped inside a Starbucks in years and will not, no way will I buy there overpriced crap
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Old 06-20-2018, 01:10 PM
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Originally Posted by Tri-Tip View Post
Hmmm 150 stores out of 13,000...hardly a blip on the radar.
Deflect all you want libbie, we would expect nothing less from you. Fact still remains 150 outlets closed- I wonder why? Couldn't be because of the libbie appeasing behavior could it?
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Old 06-20-2018, 01:22 PM
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Originally Posted by Tri-Tip View Post
Don't you think there is a big difference between a business failing and a chain being proactive and closing down poorly performing stores?

Starbucks closing stores is NOT going to mean that any of their vendors are going to lose money in a bankruptcy situation. They might have had to buy out leases, but they didn't walk away from debts as would have happened in bankruptcy.
So if a $100k business goes bankrupt and does not pay its $1k debt to Wal-Mart, is this not a drop in the bucket that results in little, if any harm, to War-Mart?

I would bet if Trump owned Starbucks and closed 150 stores, it would be portrayed as problem not just business as usual.
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