Starbucks is sliding down, down, down. Sliding down in the stock market, in the American market and off the map! Literally!
The colossal coffee company, “plans to close about 150 company-operated stores in densely penetrated U.S. markets next fiscal year, three times the number it historically shuts down annually.”
Canada’s Bloomberg reports, “U.S. sales growth has stalled for the company that brought espresso to the masses. With about 14,000 stores domestically, Starbucks is now pumping the brakes on licensed and company-operated locations, with a renewed focus on rural and suburban areas.
“Not over-caffeinated urban neighborhoods where locals already joke that the next Starbucks will open inside an existing store.” Does the new CEO really think opening stores in the fly over States is going to go well for them?
“The cafe chain said Tuesday it expects comparable sales to rise just 1 per cent globally for the current quarter—the worst performance in about nine years.” They are suffering on the world market as well as in the stock market where they are down.
BNN Bloomberg tweets: Starbucks plans to close 150 U.S. stores as it scales back sales expectations.
Starbucks plans to close 150 U.S. stores as it scales back sales expectations https://t.co/L8Q8hSugUS pic.twitter.com/IQcBiaD42m
— BNN Bloomberg (@BNNBloomberg) June 19, 2018
It’s not surprising that the coffee giant is suffering in the stock market and the American market. Does everyone recall January of 2017 when they called for hiring refugees instead of veterans? Business Insider then reports, “When Starbucks announced its plan to hire 10,000 refugees in the next five years, some customers threatened to boycott the chain.”
Perhaps, the bean behemoth would have been better off offering a specialty drink. Perhaps, one called “The covfefe” from President Trump’s now famous twitter typo!
Donald J Trump/Twitter. Image credit to US4Trump enhancement from CNN.
Moreover, our President who has a sense of humor tweets if anyone can figure out the true meaning of “covfefe”. Trump supporters decided it means “coffee.” Just not coffee from Starbucks! Coffee infused with Making America Great Again!
Who can figure out the true meaning of "covfefe" ??? Enjoy!
— Donald J. Trump (@realDonaldTrump) May 31, 2017
