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

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