Starbucks’ stock took a hard hit this week after the company announced its plan to close over 150 stores across the United States; plunging by 10% and reaching its lowest point in a year after the company shut over 8,000 stores for ‘anti-bias’ training.
According to the Washington Times, new CEO Kevin Johnson sought to ease shareholder worries following the sudden drop; saying the coffee giant had an “unplanned initiative driven out of the Philadelphia incident.”
“In this current quarter, certainly we had an unplanned initiative driven out of the Philadelphia incident, we closed all our stores for training, we had to delay some marketing, but none of that is an excuse,” said Johnson.
“The fact is the way I think about a growth company at scale is we’ve got to deliver consistent growth, month after month, quarter after quarter, and year after year. And we have not done that,” he added.
The negative news comes after the global coffee chain unveiled its “open bathroom policy,” permitting anyone to use the restroom facilities without purchasing a product; a move many critics claim turned their local cafés into “homeless shelters.”
h/t Washington Times