O\’Neil said most employees will be moved to nearby stores, but she did not know exactly how many jobs will be lost. In total, the company forecast up to $348 million in charges related to the closures, $200 million to be booked in the fiscal third quarter ended June 30. During the conference call, the CFO echoed concerns about the economy expressed by Chief Executive Howard Schultz in May, when the company attributed a 28 percent drop in profit to less traffic from US consumers who were feeling the pinch of higher food and gas prices. During the call, Bocian said that between 25 and 30 percent of a Starbucks shop\’s revenue is cannibalized when a new store opens nearby, and that the closures should help return some of that revenue to the remaining stores.

are beginning to invest heavily in it. starbucks feeling the money crunch too. It\’s also a sign that the specialty coffee business is taking a troubling turn just as mainstream companies like McDonald\’s Corp. To put it another way, Starbucks is closing 19 percent of all US company-operated stores that opened in the last two years, Chief Financial Officer Pete Bocian said during a conference call.

said it will close an additional 500 US stores and cut 7% of its work force. \”We believe we still have opportunities to open new locations with strong returns on capital,\” Bocian said. The company did not adjust its plan to open fewer than 400 stores in 2010 and 2011. They were not profitable, not expected to be profitable in the foreseeable future, and the \”vast majority\” had been opened near an existing company-operated Starbucks, Bocian said.

is starbucks coffee really that much better? why does everybody love starbucks. The move effectively ends Starbucks\’ era as a break-neck growth company, one that blanketed the country with about 11,000 locations nationwide since the late 1980s. The company operates 7,257 of those stores in the US and 1,867 abroad; the remaining 7,102 locations are run by partners who license the Starbucks brand. said Tuesday it will close 600 company-operated stores in the next year, up dramatically from its previous plan for 100 closures, a sign the coffee shop operator continues to struggle with the faltering US economy and its own rapid expansion.

40 in after-hours trading after losing 12 cents to close at $15. Shares of Seattle-based Starbucks jumped 78 cents, or 5 percent, to $16. Starbucks said the 500 locations, as well as 100 others it slated for closure earlier this yearStarbucks Corp. At the end of March, there were 16,226 Starbucks stores around the world.

Starbucks estimated $8 million in severance costs. In its most significant pullback yet to its US expansion, Starbucks Corp. But before Tuesday, the company avoided acknowledging that saturation was an issue, and pinned weak financial results and adjustments to new store openings on the economy. 62.

Starbucks reports third-quarter results at the end of July. The 500 additional stores set to be closed had been on an internal watch list for some time. Seventy percent of the stores slated for closure had opened after the start of 2006, the company said in a statement.

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