Starbucks to close 300 more stores.

Starbucks used to be famed for its ability to constantly be opening new stores even opening them opposite existing stores. Their growth was almost viral and they once boasted of planning to open 40,000 stores. They currently have around 16,120 stores but plans are afoot to close another 300 with the loss of 7000 jobs.

Last year the coffee chain was forced to close 600 under performing stores. It seemed that their usual technique of saturating the market didn’t work so well in the midst of an economic crisis. They have even had to stop brewing decaffeinated coffee in the afternoon. If you aren’t pregnant they I can’t see any reason to drink decaff anyway.

The drop in sales at Starbucks is most likely due to consumers feeling less confident about their financial state. Sales of those coffee mug/flask hybrids have presumably gone up. Maybe Starbucks will concentrate on selling coffee rather than helping formerly credible artists like Bob Dylan and Sonic Youth annoys their fans by selling albums exclusively in their stores.