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