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Rough Times for Starbucks
I've been hearing about this for some time, and thought I'd take a moment out to talk about it.
For years, I've seen the stores on virtually every other street corner and expansion overseas, I thought that they could never die. Then I read reports of the mighty Goliath of coffee getting a shake up.
If you haven't heard it by now, Starbucks is closing some of its stores. That may not sound like much, but when your used to having a national chain of roughly 7,000 plus stores, and see company stock going down tons of points per hour, it's time to take a sober look at the escalating concerns of coffee kings that addicted so many.
The company known for being in the people business serving coffee is being hit by yet another reminder of how tight single household and family budgets have become in the past few years. When Starbucks initially talked of expanding store locations back in 2006 no one could've imagined economic conditions the U.S. would face. Now with the economy beginning to slow, Starbucks has announced the closing of 600 stores with 12,000 jobs said to be lost.
For some people, Starbucks was the way to start a morning off right. For others, Starbucks was a great place to work, with great benefits.
But in a world of having to figure out whether to buy $4 gasoline or a low fat caramel macchiato, coffee typically takes a back seat.