Starbucks Closing Cafes – CEO Calls Performance 'Not Acceptable'
Starbucks Corp. is forecasting slower sales growth than Wall Street expected this quarter, and it plans to close about 150 US cafes next fiscal year to boost performance.
The world's largest coffee chain is facing competition, both from upscale coffee houses and lower-priced fast-food chains like McDonald's Corp. and Dunkin' Donuts.
It has missed analysts' estimates for same-store sales in the US-dominated Americas region in five of the last six quarters.
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