STARBUCKS Corp. effectively ended its era of blanket expansion by aimoi.mc lug it will close 500 more locations h the U.S. and cut 7% of its work force.
The pullback is a sign that the Seattle coffee giant is continuing to see weak sales as high gaso liie prices and other pressures on consumer spending. Starbucks said the 500 stores, as well as 100 others it targeted earlier, will close this year or early next year. The company said it will eliminate as many as 12,000 full-time and part-time retail positions in connection with the closures.
Standard&Poor's said it is mulling a downgrade of Starbucks's credit ratings.-Janet Adamy
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