SLOWDOWN spiraling OUT OF CONTROL
GM's sales down 18%. Ford's down 26%. Chrysler down 36%. Heck even Toyota down over 20%.
Starbucks has announced the next step in its multi-faceted plan to transform the company, with a decision to close approximately 600 underperforming company-operated stores in the U.S. market. This decision is a result of a rigorous evaluation of the U.S. company-operated store portfolio and includes the 100 stores targeted for closure in the company's previously announced plans. In addition, Starbucks now expects to open fewer than 200 new U.S. company-operated stores in fiscal 2009.
100 STORE CLOSINGS TO 600 STORE CLOSINGS IN JUST A FEW MONTHS.....HOW BAD DO YOU THINK JUNE SALES ARE?????????????
For a mechant like Starbucks to increase the storeclosings by 600% in a few months....clearly the train is off the track......we should get some June retail figures in a few weeks.
Not a word from an elected official yet.
PS: I am aware of the $4 Latte argument. FWIW....I agree with it......but we are not judging behavior.....simply the shuttering of American businesses due to tremendous stress on the American consumer.