Starbucks to close 150 stores

Starbucks has announced that the company will be closing 150 poorly performing stores next year.

The stores are in urban areas that have multiple Starbucks coffee shops, CNN reported.

It is also about three times the number of storefronts that Starbucks shuts down in a year, according to Bloomberg.

The company has adjusted its profit outlook, saying that sales are expected to rise only 1 percent for the quarter, not the 2.9 percent that was expected, Bloomberg reported.

The announcement doesn't mean that there won't be new Starbucks stores popping up around the world, but the company said that it will be more focused, Fortune reported.

Starbucks Increases Price of Brewed Coffee

About the Author

Natalie Dreier, Cox Media Group National Content Desk

Asian shares are mixed after Nvidia nudges Nasdaq to a record, while other US stocks slump

9m ago

Kyle Schwarber's 3 homers in All-Star Game's first tiebreaking swing-off lift NL over AL

25m ago

Cal Raleigh successful as 4 of 5 challenges reverse calls in first All-Star use of robot umpire

1h ago

Featured

Credit: Jason Getz/AJC

Bright lights, big stage: Atlanta readies for the All-Star Game spotlight

The Braves, Truist Park and The Battery Atlanta have been preparing for the MLB All-Star Game for years, and all will be the epicenter of the baseball world Tuesday night.

The CBS split from Atlanta News First could preview other big TV changes

TV station owners are having to adapt as viewing habits change and viewership declines.

Grayson High’s Tyler Atkinson, No. 1 prospect in Georgia, commits to Texas

Grayson High’s Tyler Atkinson, the top-ranked linebacker in the nation, has committed to Texas, turning down UGA’s long-standing pursuit.