Starbucks will shut down 250 of its locations across North America due to poor performance, according to a Thursday announcement from the coffee chain’s chief operating (COO) officer, as it continues its restructuring.
In a letter, Starbucks COO Mike Grams noted that most of the company’s 18,000 stores were profitable, while a small percentage of locations were not.
“We have carefully reviewed our North America coffeehouse portfolio and identified locations where we do not believe we can consistently deliver the experience we want for customers and partners or where we don’t see a path to acceptable financial performance,” Grams said in the statement. …