Chronicles Of Depression 2.0: #178

Store closures wipe out profit at Starbucks

Starbucks slid to its first quarterly loss as a public company on Wednesday as charges related to its decision to close more than 650 cafés wiped out profits at the biggest US coffee shop chain.

The report came a day after Starbucks reshuffled its top management team and announced that it would increase to 13,000 the number of jobs to be cut by the company as part of a shake-up launched in January by Howard Schultz, chief executive.

Emphasis added by me.

That’s basically a small town being thrown off the cliff.

Unemployment Insurance will help, but will all of their bills be covered in the course of a month? That very rarely happens.

And with states being constrained in their spending, the last thing they need is for the UI fund to be drained dry.

Explore posts in the same categories: C.O.A.T. - Money, Depression 2.0

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