NEW YORK (AP) — Starbucks says it will accelerate its store closings in the U.S. next year as it tries to boost sluggish sales.
The Seattle-based company announced Tuesday that it will close 150 underperforming stores in heavily penetrated markets, up from the usual rate of 50 closings a year.
The company also said it expects one percent growth in global sales for the third quarter, a period that encompassed an uproar over the arrest of two black men at a Philadelphia Starbucks. Starbucks closed its U.S. stores on May 29 to conduct racial-bias training for its employees.
CEO Kevin Johnson told investors the company halted its marketing campaign for cold beverages while it addressed with controversy, which may have affected sales.
Starbucks shares slipped nearly two percent in after-hours trading.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Starbucks closing 150 underperforming stores in 2019
- Starbucks to close stores for an afternoon for bias training
- Terre Haute department store closing up shop
- Honey Creek Mall store officially closes
- Family Dollar will close nearly 400 stores
- Another store closes in Vigo County
- Bed Bath & Beyond to close 40 stores
- Under Armour MyFitnessPal hack affects 150 million user accounts
- Supercharged hurricane threatens Florida with 150 mph winds
- Starbucks chairman Howard Schultz stepping down