July 1, 2008
Starbucks Closing 600 Stores, Cutting up to 12,000 Jobs
Things are not well in the land of the mermaid and her coffee empire. Starbucks announced a huge round of layoffs and store closures this afternoon. The coffee giant will be closing 600 stores nationwide and laying off 12,000 of its store employees. The 12,000 layoffs equal about 7% of Starbucks global work force. The layoffs and closures will occur between now and March 2009. No word yet if any local stores will be facing closure.
Starbucks Headquarter by Seatlest Flickr contributor awungfoo
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Sounds like its time to make the donuts.
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It's a business model that could only last in relatively prosperous times for the middle class. Too rich for the poor, too poor for the rich, and one thing you can cut out when necessities like food and fuel rise. Lotta things are going to suffer, and a lot of people with them.