Starbucks CEO Says More Stores to Close for Security Reasons
- Schultz says in video there will be ‘many more’ store closings
- Company had previously said it will be closing 16 locations
Howard Schultz
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Starbucks Corp. Chief Executive Officer Howard Schultz said the coffee giant plans to close more stores, citing safety risks.
In a video posted on Twitter, Schultz said Starbucks is closing stores that are “not unprofitable” due to an uptick in safety-related problems including crime, homelessness and drug use in bathrooms. The company earlier announced plans to close 16 locations due to security issues.