Starbucks plans to close 250 North American stores in turnaround

Starbucks announced it will close about 250 North American coffeehouses, roughly 1% of its about 18,000 locations there. A regulatory filing Thursday put related charges at about $300 million, with $200 million from early lease terminations and severance benefits. In a company statement, Starbucks said the stores did not "deliver the experience we want for customers and partners." Employees may transfer to other cafés or receive severance. Customers will see closure signs this weekend, and the closures will appear in the Starbucks app. Mike Grams wrote employees that the company remains "excited about the significant long-term growth opportunity ahead in North America" and is "actively developing a strong pipeline of new coffeehouses and remain committed to growth." A year-ago round of similar-sized closures plus corporate layoffs was part of a $1 billion restructuring. The chain is now forecast to open about 440 new locations globally this fiscal year, down from 600 to 650. U.S. same-store sales rose 7.9% in the most recent quarter; Brian Niccol said in July it "was the quarter our momentum became truly measurable."