Starbucks plans to close hundreds of U.S. and Canadian stores because of coronavirus

Starbucks plans to close hundreds of U.S. and Canadian stores because of coronavirus

Business

Starbucks expects current quarter operating income to drop to $ 2.2 billion and sales to decline for the remainder of the year in the aftermath of the SARS-CoV-2 coronavirus pandemic , which causes covid-19 disease. The company said it will permanently close some 400 stores in the Americas over the next 18 months and cut the opening of its new planned stores in half, to approximately 300 this fiscal year, reflecting the lasting impact of the pandemic.

We recommend: Starbucks will pay employees even if they decide not to attend due to a covid-19 crisis in the US Due to the covid-19, Starbucks had to close the interior of its premises but was able to maintain take-away services and other functions. The Seattle-based company said 95 percent of its locations in the United States are open in one way or another , just short of the percentage globally.

The company said it will now speed up store-only pick-up , especially in urban areas, as health experts advise people to comply with social distancing standards. Starbucks calculated a loss of 55 to 70 cents a share for its third quarter. Analysts polled by FactSet predicted losses of 16 cents a share. Starbucks shares fell nearly 3 percent on the stock market.

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