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Last summer, Starbucks announced that they were going to close 616 under-performing stores across 44 states and the District of Columbia. At that time, they attributed the closures to over-expansion and the slowing economy. Unfortunately, the economy has continued to worsen over the last six months and so Starbucks has determined that they need to close 300 more stores and cut 6,700 additional jobs in order to improve their financial outlook. It breaks out to 6,000 retail and 700 non-store jobs. They haven't yet released the list of locations that they'll be closing, but analysts expect to see the names of those stores in the coming days.
