A latte trouble at Starbucks...........

Get it? A latte trouble? ...... Thanks people, I'm here all week. :+



Starbucks 1Q profit down 69 pct, shuts more stores
Starbucks to shut 300 more stores, lay off more workers after 1st-qtr profit drops 69 percent

Lauren Shepherd, AP Business Writer
Wednesday January 28, 2009, 5:47 pm EST


NEW YORK (AP) -- Starbucks Corp. said nearly 7,000 employees may lose their jobs due to a new round of store closures and cost cuts as it reported Wednesday that its profit dropped 69 percent in its fiscal first quarter.

The company plans to close 300 underperforming stores around the world by the end of the fiscal year in addition to the 600 it already planned to close in the U.S. The company has already closed 384 of those stores.

The additional closures could result in the loss of 6,000 in-store jobs. Starbucks also plans to lay off about 700 non-store employees.

It also has reduced the number of new stores it plans to open.

The cuts and changes will result in about $500 million in savings in fiscal 2009, the company said.

Edward Jones analyst Jack Russo said the cuts make sense given the decline in Starbucks' sales in recent quarters.

"This is going to be a transition year," Russo said. He said the company will have to "claw their way back." ........(more)

The complete piece is at: http://finance.yahoo.com/news/Starbucks-1Q-profit-down-69-apf-14188289.html

I am a regular customer cutting back as well... and there are very many like me...

Maybe they will go back to what they were in the late 80's - a special trip to the city

:rofl: :crazy:

:rofl:

And I do hope those Starbucks employees are okay - if President Obama succeeds, they'll be back to work soon.