Coffee retail giant Starbucks announced Tuesday its plan to close approximately 150 stores across the United States as a result of “slow growth,” sending the Seattle-based corporation’s stock prices down nearly 7%.
According to Bloomberg, the nationwide chain plans to reduce its amount of stores in “densely populated markets” across America, with the newly announced CEO saying “our shareholders deserve better.”
“Our growth has slowed a bit,” said Starbucks CEO Kevin Johnson. “I expect better, I think our shareholders deserve better, and we’re committed to address that.”
The announcement comes just weeks after the store closed all 8,000 locations nationwide to re-train their employees on “anti-bias” techniques.
The resulting policy change prompted the mega-retailer to allow all persons to use the restroom facilities without requiring a purchase, effectively turning the neighborhood coffee shop into what some customers described as a “homeless shelter.”