Starbucks To Close 600 Outlets
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As many as 12,000 Starbucks workers will lose their jobs when the company begins closing 600 U.S. stores this summer. The Seattle coffee company is cutting 5 percent of its U.S. locations as part of a wide-ranging effort to boost its bottom line and its stock price. The chain is accelerating international growth. Most customers whose Starbucks stores close will be a short walk from a caffeine fix, the company said, because many of the unprofitable stores were being cannibalized by nearby Starbucks locations.