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Starbucks Scales Back Store Openings

(April 2009) posted on Thu Apr 30, 2009 EDT


After years of breakneck growth, Starbucks Co. says it will finish its current fiscal year with a net growth of just 20 new stores worldwide. That figure, released as part of the company's earnings report for its second quarter, is down from a net of 95 new stores the Seattle-based coffee giant previously expected to expand by this year.

The smaller net growth in the Seattle-based coffee giant's store networks reflects the fact that it will shutter about 365 underperforming stores while opening 385 new outlets. The company has about 16,000 units worldwide, including just over 7,000 in the U.S.


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