Starbucks Is Closing Even More Canadian Stores & It May Be Because Of COVID-19
They are closing a ton in the US too.
Sad news for latte lovers!will apparently shut down even more stores than it had originally planned.
The coffee chain will be bidding farewell to 100 more locations soon and this is on top of the already 200 locations they said they would be either closing or relocating in June, according to Retail Insider.
The report said that the President and CEO of Starbucks, Kevin Johnson, will be looking into the company's 'traffic' to see the possible impacts of COVID-19 on them.
More Starbucks set to close in Canada
Johnson said that Starbucks is currently "repositioning the portfolio" in order to come up with an action plan.
"What we’ve learned is that we’ve been able to manage the closures much more efficiently than we had originally anticipated and that’s largely about the average lease exit costs,” he said.
It appears the US is also getting similar treatment as the company has reportedly said that they would close down or relocate around 600 of their stores in North America, with 200 of those being in the True North.
Canada is home to about 1,400 Starbucks locations.